Empire State Realty Trust (NYSE:ESRT) Sets New 1-Year Low – What’s Next?

Shares of Empire State Realty Trust, Inc. (NYSE:ESRT) reached a new 52-week low on Wednesday . The company 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 analysts have commented on the stock. Citigroup lowered their price objective on shares of Empire State Realty Trust from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, February 19th. Evercore set a $7.00 price target on shares of Empire State Realty Trust in a report on Wednesday, February 18th. Wells Fargo & Company dropped their price target on 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. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Empire State Realty Trust in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $7.70.

Empire State Realty Trust Stock Performance

The firm has a market capitalization of $1.00 billion, a P/E ratio of 22.71 and a beta of 1.36. The company has a debt-to-equity ratio of 1.14, a current ratio of 4.33 and a quick ratio of 4.33. The firm has a 50-day moving average price of $6.45 and a two-hundred day moving average price of $7.05.

Empire State Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, March 13th. Empire State Realty Trust’s dividend payout ratio is currently 53.85%.

Institutional Trading of Empire State Realty Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. Wolverine Asset Management LLC raised its holdings in Empire State Realty Trust by 73.1% in the third quarter. Wolverine Asset Management LLC now owns 1,561,474 shares of the real estate investment trust’s stock worth $11,961,000 after purchasing an additional 659,543 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in shares of Empire State Realty Trust in the 3rd quarter valued at about $3,983,000. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Empire State Realty Trust by 131.2% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,118,081 shares of the real estate investment trust’s stock worth $8,564,000 after buying an additional 634,543 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Empire State Realty Trust by 59.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,813,895 shares of the real estate investment trust’s stock worth $29,214,000 after acquiring an additional 1,424,066 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Empire State Realty Trust by 42.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,169,216 shares of the real estate investment trust’s stock valued at $17,549,000 after acquiring an additional 649,776 shares during the last quarter. Institutional investors own 67.10% of the company’s stock.

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.