Empire State Realty Trust (NYSE:ESRT) Reaches New 52-Week Low – Should You Sell?

Empire State Realty Trust, Inc. (NYSE:ESRT) reached a new 52-week low during trading on Tuesday . The company traded as low as $8.60 and last traded at $8.56, with a volume of 1242901 shares trading hands. The stock had previously closed at $8.92.

Analyst Ratings Changes

ESRT has been the subject of several recent research reports. StockNews.com upgraded shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a research note on Monday. BMO Capital Markets increased their price objective on Empire State Realty Trust from $12.00 to $13.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th.

Empire State Realty Trust Price Performance

The company has a market cap of $1.43 billion, a price-to-earnings ratio of 30.55 and a beta of 1.40. The company’s 50 day moving average price is $9.54 and its 200 day moving average price is $10.36. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.23.

Empire State Realty Trust (NYSE:ESRT) last announced its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.24 earnings per share for the quarter, beating 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 company had revenue of $155.13 million for the quarter, compared to analyst estimates of $192.62 million. Equities research analysts forecast that Empire State Realty Trust, Inc. will post 0.88 earnings per share for the current year.

Empire State Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.035 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.14 annualized dividend and a dividend yield of 1.64%. Empire State Realty Trust’s payout ratio is currently 50.00%.

Insider Activity at Empire State Realty Trust

In related news, EVP Thomas P. Durels sold 3,193 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $10.90, for a total value of $34,803.70. Following the sale, the executive vice president now directly owns 96,807 shares of the company’s stock, valued at approximately $1,055,196.30. This represents a 3.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 13.95% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its position in shares of Empire State Realty Trust by 42.4% in the fourth quarter. Ameriprise Financial Inc. now owns 9,235,041 shares of the real estate investment trust’s stock valued at $95,306,000 after buying an additional 2,750,045 shares during the last quarter. Vision Capital Corp lifted its position in Empire State Realty Trust by 79.9% during the third quarter. Vision Capital Corp now owns 2,802,948 shares of the real estate investment trust’s stock worth $31,057,000 after buying an additional 1,245,211 shares during the period. Waterfront Capital Partners LLC purchased a new stake in Empire State Realty Trust in the 4th quarter valued at about $11,048,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Empire State Realty Trust by 392.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,099,288 shares of the real estate investment trust’s stock worth $12,180,000 after acquiring an additional 875,836 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Empire State Realty Trust by 42.1% in the fourth quarter. Northern Trust Corp now owns 2,600,328 shares of the real estate investment trust’s stock valued at $26,835,000 after purchasing an additional 771,017 shares during the period. 67.10% of the stock is currently owned by hedge funds and other institutional investors.

About Empire State Realty Trust

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.