Empire State Realty Trust (NYSE:ESRT) Sets New 12-Month High – Should You Buy?

Empire State Realty Trust, Inc. (NYSE:ESRT) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $11.49 and last traded at $11.48, with a volume of 561333 shares changing hands. The stock had previously closed at $11.11.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ESRT shares. StockNews.com downgraded shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a research report on Friday, July 26th. Wells Fargo & Company lifted their price target on shares of Empire State Realty Trust from $7.00 to $10.00 and gave the company an “underweight” rating in a research note on Wednesday, September 11th. Finally, BMO Capital Markets increased their price objective on shares of Empire State Realty Trust from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th.

Empire State Realty Trust Trading Up 1.5 %

The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 37.60 and a beta of 1.40. The firm’s 50-day moving average is $10.62 and its 200-day moving average is $9.95. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.23.

Empire State Realty Trust (NYSE:ESRT) last issued its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.14). Empire State Realty Trust had a net margin of 5.89% and a return on equity of 2.57%. The business had revenue of $189.54 million for the quarter. During the same period in the prior year, the company earned $0.26 EPS. As a group, sell-side analysts anticipate that Empire State Realty Trust, Inc. will post 0.92 EPS for the current fiscal year.

Empire State Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 1.24%. The ex-dividend date was Monday, September 16th. Empire State Realty Trust’s dividend payout ratio (DPR) is presently 46.67%.

Hedge Funds Weigh In On Empire State Realty Trust

Several large investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its position in shares of Empire State Realty Trust by 19.3% during the 4th quarter. Wellington Management Group LLP now owns 5,821,372 shares of the real estate investment trust’s stock worth $56,409,000 after buying an additional 943,593 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Empire State Realty Trust by 0.9% during the first quarter. Vanguard Group Inc. now owns 19,287,935 shares of the real estate investment trust’s stock worth $195,387,000 after acquiring an additional 175,718 shares during the period. Lighthouse Investment Partners LLC purchased a new position in Empire State Realty Trust in the second quarter worth $7,926,000. 1832 Asset Management L.P. bought a new position in Empire State Realty Trust in the 2nd quarter valued at $4,573,000. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of Empire State Realty Trust during the 1st quarter valued at $2,896,000. 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.