Empire State Realty Trust (NYSE:ESRT) Shares Gap Up – Should You Buy?

Empire State Realty Trust, Inc. (NYSE:ESRT) gapped up before the market opened on Tuesday . The stock had previously closed at $7.99, but opened at $8.29. Empire State Realty Trust shares last traded at $8.04, with a volume of 82,391 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ESRT shares. StockNews.com lowered Empire State Realty Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, March 19th. Wolfe Research upgraded shares of Empire State Realty Trust from a “peer perform” rating to an “outperform” rating and set a $10.00 target price for the company in a report on Tuesday.

Empire State Realty Trust Stock Up 1.1 %

The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.23. The business has a 50 day moving average of $8.94 and a 200-day moving average of $10.09. The stock has a market cap of $1.35 billion, a PE ratio of 28.70 and a beta of 1.39.

Empire State Realty Trust (NYSE:ESRT) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.24 EPS for the quarter, beating the consensus estimate of $0.05 by $0.19. Empire State Realty Trust had a net margin of 6.45% and a return on equity of 2.84%. The firm had revenue of $155.13 million during the quarter, compared to the consensus estimate of $192.62 million. Equities research analysts predict that Empire State Realty Trust, Inc. will post 0.88 EPS 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 paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 1.74%. The ex-dividend date is Friday, March 14th. Empire State Realty Trust’s dividend payout ratio is presently 50.00%.

Insider Activity

In other news, EVP Thomas P. Durels sold 12,500 shares of the firm’s stock in a transaction on 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 sale, the executive vice president now owns 74,307 shares in the company, valued at approximately $602,629.77. This trade represents a 14.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 30,122 shares of company stock valued at $242,761. Company insiders own 13.95% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Employees Retirement System of Texas increased its position in Empire State Realty Trust by 81.6% during the 4th quarter. Employees Retirement System of Texas now owns 512,000 shares of the real estate investment trust’s stock worth $5,284,000 after purchasing an additional 230,000 shares during the period. GF Fund Management CO. LTD. purchased a new stake in shares of Empire State Realty Trust in the fourth quarter valued at approximately $26,000. Pinney & Scofield Inc. acquired a new position in Empire State Realty Trust during the fourth quarter worth $103,000. Two Sigma Advisers LP raised its position in Empire State Realty Trust by 604.8% in the fourth quarter. Two Sigma Advisers LP now owns 132,500 shares of the real estate investment trust’s stock worth $1,367,000 after acquiring an additional 113,700 shares in the last quarter. Finally, Two Sigma Investments LP boosted its position in shares of Empire State Realty Trust by 650.7% during the 4th quarter. Two Sigma Investments LP now owns 185,596 shares of the real estate investment trust’s stock worth $1,915,000 after purchasing an additional 160,872 shares in the last quarter. 67.10% of the stock is owned by hedge funds and other institutional investors.

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.