Empire State Realty Trust (NYSE:ESRT) Sets New 52-Week Low – Here’s Why

Empire State Realty Trust, Inc. (NYSE:ESRT) shares hit a new 52-week low during trading on Friday . The company traded as low as $7.82 and last traded at $7.87, with a volume of 25550 shares. The stock had previously closed at $7.95.

Analyst Ratings Changes

ESRT has been the topic of several analyst reports. Wolfe Research raised Empire State Realty Trust from a “peer perform” rating to an “outperform” rating and set a $10.00 target price on the stock in a research report on Tuesday, March 25th. StockNews.com cut Empire State Realty Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, March 19th.

Empire State Realty Trust Price Performance

The stock has a market cap of $1.31 billion, a PE ratio of 27.95 and a beta of 1.39. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.72 and a current ratio of 3.72. The business has a 50 day moving average price of $8.87 and a two-hundred day moving average price of $10.06.

Empire State Realty Trust (NYSE:ESRT) last issued its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.19. Empire State Realty Trust had a return on equity of 2.84% and a net margin of 6.45%. The business had revenue of $155.13 million for the quarter, compared to analyst estimates of $192.62 million. Research analysts expect that Empire State Realty Trust, Inc. will post 0.88 earnings per share for the current fiscal year.

Empire State Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Friday, March 14th. Empire State Realty Trust’s dividend payout ratio is 50.00%.

Insider Activity

In other news, EVP Thomas P. Durels sold 12,500 shares of Empire State Realty Trust stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $8.11, for a total value of $101,375.00. Following the completion of the transaction, the executive vice president now owns 74,307 shares in the company, valued at $602,629.77. This trade represents a 14.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 30,122 shares of company stock valued at $242,761 in the last three months. Company insiders own 13.95% of the company’s stock.

Institutional Investors Weigh In On Empire State Realty Trust

Several institutional investors have recently made changes to their positions in the stock. Intech Investment Management LLC purchased a new position in shares of Empire State Realty Trust in the third quarter valued at $385,000. Charles Schwab Investment Management Inc. boosted its stake in Empire State Realty Trust by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,758,869 shares of the real estate investment trust’s stock worth $41,648,000 after purchasing an additional 171,056 shares during the period. Algert Global LLC grew its holdings in Empire State Realty Trust by 42.0% during the 3rd quarter. Algert Global LLC now owns 58,047 shares of the real estate investment trust’s stock valued at $643,000 after buying an additional 17,160 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Empire State Realty Trust by 6.4% during the third quarter. Daiwa Securities Group Inc. now owns 44,950 shares of the real estate investment trust’s stock valued at $498,000 after buying an additional 2,717 shares during the period. Finally, FMR LLC boosted its position in shares of Empire State Realty Trust by 28.2% in the third quarter. FMR LLC now owns 467,285 shares of the real estate investment trust’s stock valued at $5,178,000 after acquiring an additional 102,658 shares during the period. Hedge funds and other institutional investors own 67.10% of the company’s stock.

Empire State Realty Trust Company Profile

Empire State Realty Trust, Inc (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. The company is the recognized leader in energy efficiency and indoor environmental quality. ESRT’s flagship Empire State Building – the “World’s Most Famous Building” – includes its Observatory, Tripadvisor’s 2023 Travelers’ Choice Awards: Best of the Best the #1 attraction in the US for two consecutive years.