Empire State Realty Trust (NYSE:ESRT) Cut to “Sell” at StockNews.com

StockNews.com cut shares of Empire State Realty Trust (NYSE:ESRT) from a hold rating to a sell rating in a report published on Saturday.

Several other analysts have also recently weighed in on ESRT. BMO Capital Markets increased their price target on shares of Empire State Realty Trust from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Wells Fargo & Company raised their target price on Empire State Realty Trust from $7.00 to $10.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 11th.

Empire State Realty Trust Trading Up 1.9 %

ESRT opened at $10.69 on Friday. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 39.59 and a beta of 1.40. The company’s 50 day simple moving average is $10.83 and its two-hundred day simple moving average is $10.10. Empire State Realty Trust has a 1-year low of $8.31 and a 1-year high of $11.62. The company has a debt-to-equity ratio of 1.24, a current ratio of 4.05 and a quick ratio of 4.05.

Empire State Realty Trust (NYSE:ESRT) last issued its earnings results on Monday, October 21st. The real estate investment trust reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.16). Empire State Realty Trust had a net margin of 6.22% and a return on equity of 2.74%. The company had revenue of $199.60 million during the quarter. During the same period in the prior year, the firm posted $0.25 EPS. Analysts expect that Empire State Realty Trust will post 0.93 EPS for the current fiscal year.

Empire State Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.035 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.14 annualized dividend and a yield of 1.31%. Empire State Realty Trust’s dividend payout ratio (DPR) is presently 51.85%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ESRT. Lighthouse Investment Partners LLC purchased a new stake in shares of Empire State Realty Trust in the 2nd quarter valued at $7,926,000. 1832 Asset Management L.P. purchased a new position in shares of Empire State Realty Trust in the second quarter valued at approximately $4,573,000. Jupiter Asset Management Ltd. acquired a new position in shares of Empire State Realty Trust in the first quarter valued at approximately $2,896,000. Vanguard Group Inc. increased its stake in Empire State Realty Trust by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 19,287,935 shares of the real estate investment trust’s stock worth $195,387,000 after buying an additional 175,718 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Empire State Realty Trust by 142.5% during the 2nd quarter. Renaissance Technologies LLC now owns 255,400 shares of the real estate investment trust’s stock worth $2,396,000 after buying an additional 150,100 shares during the period. 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.