Empire State Realty Trust (NYSE:ESRT) Hits New 12-Month Low – Here’s Why

Empire State Realty Trust, Inc. (NYSE:ESRT)’s share price reached a new 52-week low on Wednesday . The stock traded as low as $5.88 and last traded at $5.9250, with a volume of 67538 shares changing hands. The stock had previously closed at $5.94.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wells Fargo & Company cut their price objective on shares of Empire State Realty Trust from $8.30 to $6.80 and set an “underweight” rating on the stock in a research report on Tuesday, November 25th. Weiss Ratings reissued a “hold (c-)” rating on shares of Empire State Realty Trust in a research report on Monday, December 29th. Evercore set a $7.00 price objective on Empire State Realty Trust in a report on Wednesday, February 18th. Finally, Citigroup dropped their target price on Empire State Realty Trust from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, February 19th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $7.70.

Empire State Realty Trust Price Performance

The business has a 50-day moving average of $6.48 and a 200 day moving average of $7.06. The company has a current ratio of 4.33, a quick ratio of 4.33 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $1.02 billion, a P/E ratio of 22.98 and a beta of 1.36.

Empire State Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, March 13th. Empire State Realty Trust’s dividend payout ratio is presently 53.85%.

Institutional Investors Weigh In On Empire State Realty Trust

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Cohen & Steers Inc. lifted its position in Empire State Realty Trust by 456.9% in the 4th quarter. Cohen & Steers Inc. now owns 11,128,303 shares of the real estate investment trust’s stock valued at $72,557,000 after acquiring an additional 9,129,959 shares in the last quarter. Resolution Capital Ltd bought a new position in shares of Empire State Realty Trust in the second quarter valued at approximately $43,706,000. Lasalle Investment Management Securities LLC boosted its position in shares of Empire State Realty Trust by 264.1% during the fourth quarter. Lasalle Investment Management Securities LLC now owns 5,524,484 shares of the real estate investment trust’s stock valued at $36,020,000 after buying an additional 4,007,189 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Empire State Realty Trust by 204.5% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,155,109 shares of the real estate investment trust’s stock worth $20,571,000 after buying an additional 2,118,859 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Empire State Realty Trust by 137.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,105,313 shares of the real estate investment trust’s stock valued at $24,284,000 after buying an additional 1,798,850 shares during the last quarter. 67.10% of the stock is owned by institutional investors.

Empire State Realty Trust Company Profile

Empire State Realty Trust, Inc is a publicly traded real estate investment trust (REIT) focused on the ownership, management and operation of office and retail properties. The company’s portfolio features the iconic Empire State Building in Midtown Manhattan, alongside a diversified collection of commercial assets situated throughout Manhattan, Brooklyn and select markets in Upstate New York. By offering premium office space and street-level retail, Empire State Realty Trust positions itself as a landlord of choice for corporate tenants, retailers and experiential brands seeking high-profile addresses.

Established through a spin-off of assets in early 2013, Empire State Realty Trust consolidated a mix of landmark and Class A properties, creating scale in one of the world’s most competitive real estate markets.