Empire State Realty Trust (NYSE:ESRT) Reaches New 1-Year Low – Should You Sell?

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. 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 on the stock in a research note on Tuesday. 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 Trading Down 1.4 %

The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 27.98 and a beta of 1.39. The business’s 50-day moving average price is $8.90 and its 200 day moving average price is $10.08. 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 posted 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 net margin of 6.45% and a return on equity of 2.84%. The company had revenue of $155.13 million during the quarter, compared to analysts’ expectations of $192.62 million. On average, equities analysts forecast that Empire State Realty Trust, Inc. will post 0.88 earnings per share for the current fiscal year.

Empire State Realty Trust Dividend Announcement

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

Insider Activity

In related news, EVP Thomas P. Durels sold 12,500 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $8.11, for a total transaction of $101,375.00. Following the completion of the sale, the executive vice president now owns 74,307 shares of the company’s stock, valued at $602,629.77. This represents a 14.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have sold 30,122 shares of company stock worth $242,761. 13.95% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Empire State Realty Trust

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Empire State Realty Trust during the 3rd quarter worth approximately $25,000. GF Fund Management CO. LTD. bought a new position in Empire State Realty Trust during the 4th quarter worth $26,000. Sterling Capital Management LLC increased its position in Empire State Realty Trust by 819.7% in the fourth quarter. Sterling Capital Management LLC now owns 4,295 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 3,828 shares during the period. Loomis Sayles & Co. L P lifted its stake in Empire State Realty Trust by 3,139.1% in the third quarter. Loomis Sayles & Co. L P now owns 4,470 shares of the real estate investment trust’s stock valued at $50,000 after buying an additional 4,332 shares during the last quarter. Finally, State of Wyoming acquired a new position in shares of Empire State Realty Trust during the fourth quarter valued at $54,000. 67.10% of the stock is currently owned by institutional investors and hedge funds.

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.