Empire State Realty Trust (NYSE:ESRT) Hits New 1-Year Low – Here’s What Happened

Empire State Realty Trust, Inc. (NYSE:ESRT)’s stock price reached a new 52-week low on Monday . The company traded as low as $6.29 and last traded at $6.3850, with a volume of 53107 shares traded. The stock had previously closed at $6.39.

Analyst Ratings Changes

ESRT has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Empire State Realty Trust in a report on Monday, December 29th. Wells Fargo & Company reduced their price target on shares of Empire State Realty Trust from $8.30 to $6.80 and set an “underweight” rating for the company in a research report on Tuesday, November 25th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.40.

Empire State Realty Trust Trading Up 0.2%

The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 30.45 and a beta of 1.34. The business has a fifty day simple moving average of $6.84 and a 200 day simple moving average of $7.36. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.33 and a current ratio of 4.33.

Empire State Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were issued a $0.035 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.14 annualized dividend and a yield of 2.2%. Empire State Realty Trust’s payout ratio is 66.67%.

Institutional Trading of Empire State Realty Trust

A number of institutional investors and hedge funds have recently made changes to their positions in ESRT. M&T Bank Corp raised its stake in Empire State Realty Trust by 11.7% during the second quarter. M&T Bank Corp now owns 12,961 shares of the real estate investment trust’s stock worth $105,000 after acquiring an additional 1,360 shares during the period. The Manufacturers Life Insurance Company boosted its position in Empire State Realty Trust by 2.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 70,992 shares of the real estate investment trust’s stock valued at $574,000 after purchasing an additional 1,418 shares during the period. Amundi grew its stake in Empire State Realty Trust by 2.0% during the 1st quarter. Amundi now owns 78,614 shares of the real estate investment trust’s stock worth $585,000 after buying an additional 1,562 shares during the last quarter. Van ECK Associates Corp grew its stake in Empire State Realty Trust by 4.4% during the 3rd quarter. Van ECK Associates Corp now owns 40,169 shares of the real estate investment trust’s stock worth $308,000 after buying an additional 1,707 shares during the last quarter. Finally, Cerity Partners LLC increased its position in Empire State Realty Trust by 3.0% in the second quarter. Cerity Partners LLC now owns 64,449 shares of the real estate investment trust’s stock worth $521,000 after buying an additional 1,896 shares during the period. 67.10% of the stock is currently owned by institutional investors and hedge funds.

About Empire State Realty Trust

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.