Empire State Realty Trust (NYSE:ESRT) Hits New 52-Week Low – Here’s What Happened

Empire State Realty Trust, Inc. (NYSE:ESRT)’s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $6.07 and last traded at $6.2450, with a volume of 982757 shares trading hands. The stock had previously closed at $6.38.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ESRT. Wells Fargo & Company lowered their price objective 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. Weiss Ratings restated 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 given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.40.

Empire State Realty Trust Trading Down 0.5%

The company has a current ratio of 4.33, a quick ratio of 4.33 and a debt-to-equity ratio of 1.14. The business has a 50 day simple moving average of $6.61 and a two-hundred day simple moving average of $7.14. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 30.21 and a beta of 1.36.

Empire State Realty Trust Announces Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ESRT. Resolution Capital Ltd acquired a new position in Empire State Realty Trust during the 2nd quarter worth $43,706,000. Lasalle Investment Management Securities LLC lifted its position in shares of Empire State Realty Trust by 264.1% during the fourth quarter. Lasalle Investment Management Securities LLC now owns 5,524,484 shares of the real estate investment trust’s stock worth $36,020,000 after purchasing an additional 4,007,189 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Empire State Realty Trust by 204.5% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,155,109 shares of the real estate investment trust’s stock worth $20,571,000 after purchasing an additional 2,118,859 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Empire State Realty Trust by 137.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,105,313 shares of the real estate investment trust’s stock valued at $24,284,000 after buying an additional 1,798,850 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Empire State Realty Trust by 59.6% in the third quarter. Principal Financial Group Inc. now owns 3,813,895 shares of the real estate investment trust’s stock valued at $29,214,000 after buying an additional 1,424,066 shares during the last quarter. 67.10% of the stock is currently owned by institutional investors.

Empire State Realty Trust Company Profile

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.