Empire State Realty Trust (NYSE:ESRT) Sees Strong Trading Volume

Shares of Empire State Realty Trust, Inc. (NYSE:ESRT) saw unusually-strong trading volume on Wednesday . Approximately 82,638 shares were traded during mid-day trading, a decline of 93% from the previous session’s volume of 1,143,142 shares.The stock last traded at $12.99 and had previously closed at $12.64.

Several analysts recently weighed in on ESRT shares. Wells Fargo & Company reissued an “underweight” rating and issued a $10.00 price objective (down from $11.00) on shares of Empire State Realty Trust in a report on Thursday, April 1st. Zacks Investment Research raised Empire State Realty Trust from a “sell” rating to a “hold” rating in a report on Monday, March 22nd. Finally, Evercore ISI raised Empire State Realty Trust from an “underperform” rating to an “outperform” rating and boosted their price objective for the company from $12.00 to $13.00 in a report on Monday, May 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $10.05.

The company has a quick ratio of 8.32, a current ratio of 8.32 and a debt-to-equity ratio of 1.23. The stock’s 50 day moving average is $11.63. The company has a market cap of $2.22 billion, a P/E ratio of -91.49, a price-to-earnings-growth ratio of 3.08 and a beta of 1.18.

Empire State Realty Trust (NYSE:ESRT) last issued its earnings results on Wednesday, April 28th. The real estate investment trust reported ($0.02) EPS for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.15). Empire State Realty Trust had a negative net margin of 3.36% and a negative return on equity of 1.13%. As a group, equities analysts predict that Empire State Realty Trust, Inc. will post 0.6 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Stockholders of record on Tuesday, June 15th will be given a dividend of $0.035 per share. The ex-dividend date is Monday, June 14th. This represents a $0.14 annualized dividend and a dividend yield of 1.09%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Empire State Realty Trust by 9.2% during the first quarter. BlackRock Inc. now owns 10,448,406 shares of the real estate investment trust’s stock worth $116,291,000 after buying an additional 881,069 shares during the period. Credit Suisse AG boosted its position in shares of Empire State Realty Trust by 108.2% during the first quarter. Credit Suisse AG now owns 4,502,114 shares of the real estate investment trust’s stock worth $50,109,000 after buying an additional 2,340,233 shares during the period. Equity Investment Corp boosted its position in shares of Empire State Realty Trust by 2.3% during the fourth quarter. Equity Investment Corp now owns 4,270,097 shares of the real estate investment trust’s stock worth $39,797,000 after buying an additional 94,504 shares during the period. Morgan Stanley boosted its position in shares of Empire State Realty Trust by 587.5% during the first quarter. Morgan Stanley now owns 3,689,104 shares of the real estate investment trust’s stock worth $41,060,000 after buying an additional 3,152,503 shares during the period. Finally, Aew Capital Management L P boosted its position in shares of Empire State Realty Trust by 0.5% during the first quarter. Aew Capital Management L P now owns 3,335,000 shares of the real estate investment trust’s stock worth $37,119,000 after buying an additional 17,800 shares during the period. Institutional investors and hedge funds own 78.19% of the company’s stock.

About Empire State Realty Trust (NYSE:ESRT)

Empire State Realty Trust, Inc (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the ÂWorld's Most Famous Building. Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2020, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.

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