Empire State Realty Trust (NYSE:ESRT) Reaches New 12-Month Low – Here’s What Happened

Empire State Realty Trust, Inc. (NYSE:ESRT) shares reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $7.20 and last traded at $7.29, with a volume of 139012 shares. The stock had previously closed at $7.85.

Analysts Set New Price Targets

A number of analysts have commented on ESRT shares. Wolfe Research raised 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, March 25th. StockNews.com lowered Empire State Realty Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, March 19th.

Empire State Realty Trust Trading Down 4.8 %

The firm has a market capitalization of $1.25 billion, a P/E ratio of 26.67 and a beta of 1.39. The stock’s 50-day simple moving average is $8.75 and its two-hundred day simple moving average is $10.01. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.72 and a quick ratio of 3.72.

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

Empire State Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.035 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.14 annualized dividend and a yield of 1.87%. Empire State Realty Trust’s dividend payout ratio is currently 50.00%.

Insider Activity

In related news, EVP Thomas P. Durels sold 12,500 shares of the firm’s stock in a transaction on Wednesday, March 19th. The stock was 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 directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 30,122 shares of company stock valued at $242,761 in the last ninety days. Insiders own 14.01% of the company’s stock.

Hedge Funds Weigh In On Empire State Realty Trust

Several hedge funds have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Empire State Realty Trust during the third quarter valued at approximately $25,000. GF Fund Management CO. LTD. bought a new position in Empire State Realty Trust in the 4th quarter valued at $26,000. Sterling Capital Management LLC lifted its position in shares of Empire State Realty Trust by 819.7% during the fourth quarter. Sterling Capital Management LLC now owns 4,295 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 3,828 shares during the last quarter. State of Wyoming purchased a new stake in shares of Empire State Realty Trust during the fourth quarter valued at $54,000. Finally, Pinney & Scofield Inc. purchased a new position in Empire State Realty Trust in the 4th quarter worth about $103,000. 67.10% of the stock is currently owned by 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.