Empire State Realty Trust (NYSE:ESRT) Given New $7.00 Price Target at Citigroup

Empire State Realty Trust (NYSE:ESRT) had its target price reduced by Citigroup from $8.00 to $7.00 in a report issued on Thursday morning,Benzinga reports. Citigroup currently has a neutral rating on the real estate investment trust’s stock.

ESRT has been the subject of several other reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Empire State Realty Trust in a research note on Monday, December 29th. Wells Fargo & Company decreased their price target on Empire State Realty Trust from $8.30 to $6.80 and set an “underweight” rating on the stock in a research report on Tuesday, November 25th. Finally, Evercore set a $7.00 price objective on shares of Empire State Realty Trust in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $7.70.

Empire State Realty Trust Stock Down 2.1%

Shares of NYSE:ESRT traded down $0.13 during midday trading on Thursday, hitting $5.94. The stock had a trading volume of 661,573 shares, compared to its average volume of 1,559,515. The company has a quick ratio of 4.33, a current ratio of 4.33 and a debt-to-equity ratio of 1.14. The business’s 50-day simple moving average is $6.54 and its 200-day simple moving average is $7.10. Empire State Realty Trust has a 12 month low of $5.94 and a 12 month high of $9.29. The company has a market cap of $1.01 billion, a P/E ratio of 22.87 and a beta of 1.36.

Empire State Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Monday, December 15th. Empire State Realty Trust’s dividend payout ratio (DPR) is currently 66.67%.

Institutional Investors Weigh In On Empire State Realty Trust

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Amundi lifted its stake in 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 purchasing an additional 1,562 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Empire State Realty Trust by 35.9% in the 1st quarter. AQR Capital Management LLC now owns 26,800 shares of the real estate investment trust’s stock worth $209,000 after buying an additional 7,079 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Empire State Realty Trust by 5.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,552 shares of the real estate investment trust’s stock worth $638,000 after buying an additional 4,535 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake 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 worth $24,284,000 after buying an additional 1,798,850 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position 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 valued at $8,869,000 after acquiring an additional 98,148 shares during the last quarter. 67.10% of the stock is owned by hedge funds and other 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.