Empire State Realty Trust (NYSE:ESRT) Sees Large Volume Increase – Here’s Why

Shares of Empire State Realty Trust, Inc. (NYSE:ESRT) saw strong trading volume on Tuesday . 4,886,228 shares traded hands during mid-day trading, an increase of 183% from the previous session’s volume of 1,729,298 shares.The stock last traded at $5.4150 and had previously closed at $5.30.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ESRT shares. Wells Fargo & Company cut their price target on Empire State Realty Trust from $6.30 to $6.00 and set an “underweight” rating for the company in a research note on Monday, June 1st. Weiss Ratings downgraded Empire State Realty Trust from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Evercore set a $6.00 target price on Empire State Realty Trust in a report on Monday, June 8th. Finally, Citigroup cut their target price on Empire State Realty Trust from $7.00 to $5.75 and set a “neutral” rating on the stock in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Empire State Realty Trust currently has an average rating of “Sell” and a consensus price target of $5.92.

Empire State Realty Trust Stock Performance

The company’s fifty day moving average price is $5.49 and its 200 day moving average price is $5.94. The company has a market cap of $900.95 million, a PE ratio of 20.10 and a beta of 1.35. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.94 and a quick ratio of 1.94.

Empire State Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.035 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.14 annualized dividend and a yield of 2.7%. Empire State Realty Trust’s dividend payout ratio (DPR) is 53.85%.

Hedge Funds Weigh In On Empire State Realty Trust

Several hedge funds have recently modified their holdings of ESRT. Amundi grew its holdings in shares of Empire State Realty Trust by 2.0% in the first quarter. Amundi now owns 78,614 shares of the real estate investment trust’s stock valued at $585,000 after acquiring an additional 1,562 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Empire State Realty Trust by 35.9% during the first quarter. AQR Capital Management LLC now owns 26,800 shares of the real estate investment trust’s stock valued at $209,000 after acquiring an additional 7,079 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Empire State Realty Trust by 5.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,552 shares of the real estate investment trust’s stock worth $638,000 after acquiring an additional 4,535 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Empire State Realty Trust by 137.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,105,313 shares of the real estate investment trust’s stock worth $24,284,000 after acquiring an additional 1,798,850 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Empire State Realty Trust by 9.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,134,086 shares of the real estate investment trust’s stock worth $8,869,000 after acquiring an additional 98,148 shares during the period. 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.