Empire State Realty Trust (NYSE:ESRT) Cut to “Sell” at StockNews.com

StockNews.com cut shares of Empire State Realty Trust (NYSE:ESRT) from a hold rating to a sell rating in a report published on Wednesday morning.

Empire State Realty Trust Stock Down 3.0 %

Empire State Realty Trust stock opened at $7.96 on Wednesday. The company has a 50-day simple moving average of $9.03 and a 200-day simple moving average of $10.15. The firm has a market capitalization of $1.33 billion, a P/E ratio of 28.41 and a beta of 1.39. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.72 and a current ratio of 3.72. Empire State Realty Trust has a one year low of $7.88 and a one year high of $11.62.

Empire State Realty Trust (NYSE:ESRT) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.24 EPS for the quarter, topping the consensus estimate of $0.05 by $0.19. The business had revenue of $155.13 million during the quarter, compared to analyst estimates of $192.62 million. Empire State Realty Trust had a net margin of 6.45% and a return on equity of 2.84%. As a group, equities analysts expect that Empire State Realty Trust will post 0.88 earnings per share for the current year.

Empire State Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.035 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.14 dividend on an annualized basis and a yield of 1.76%. Empire State Realty Trust’s dividend payout ratio is presently 50.00%.

Insider Activity at Empire State Realty Trust

In related news, EVP Thomas P. Durels sold 12,500 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $8.11, for a total value of $101,375.00. Following the completion of the transaction, the executive vice president now owns 74,307 shares in the company, valued at $602,629.77. This represents a 14.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 13.95% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Empire State Realty Trust

A number of institutional investors and hedge funds have recently bought and sold shares of ESRT. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Empire State Realty Trust in the 3rd quarter valued at about $25,000. GF Fund Management CO. LTD. acquired a new stake in Empire State Realty Trust in the 4th quarter valued at about $26,000. Sterling Capital Management LLC lifted its holdings in Empire State Realty Trust by 819.7% in the 4th quarter. Sterling Capital Management LLC now owns 4,295 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 3,828 shares during the last quarter. Loomis Sayles & Co. L P lifted its holdings in Empire State Realty Trust by 3,139.1% in the 3rd quarter. Loomis Sayles & Co. L P now owns 4,470 shares of the real estate investment trust’s stock valued at $50,000 after acquiring an additional 4,332 shares during the last quarter. Finally, State of Wyoming acquired a new stake in Empire State Realty Trust in the 4th quarter valued at about $54,000. Institutional investors own 67.10% of the company’s stock.

About Empire State Realty Trust

Empire State Realty Trust, Inc (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. The company is the recognized leader in energy efficiency and indoor environmental quality. ESRT’s flagship Empire State Building – the “World’s Most Famous Building” – includes its Observatory, Tripadvisor’s 2023 Travelers’ Choice Awards: Best of the Best the #1 attraction in the US for two consecutive years.