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

StockNews.com upgraded shares of Empire State Realty Trust (NYSE:ESRT) from a sell rating to a hold rating in a research note issued to investors on Thursday.

Separately, Wolfe Research upgraded Empire State Realty Trust from a “peer perform” rating to an “outperform” rating and set a $10.00 price target for the company in a research report on Tuesday, March 25th.

Empire State Realty Trust Trading Down 2.9 %

Empire State Realty Trust stock opened at $7.23 on Thursday. Empire State Realty Trust has a 52-week low of $6.95 and a 52-week high of $11.62. The company has a market cap of $1.21 billion, a P/E ratio of 25.80 and a beta of 1.39. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.23. The business has a 50-day simple moving average of $8.66 and a two-hundred day simple moving average of $9.96.

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

Empire State Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.035 per share. The ex-dividend date was Friday, March 14th. This represents a $0.14 annualized dividend and a dividend yield of 1.94%. Empire State Realty Trust’s payout ratio is 50.00%.

Insider Activity at Empire State Realty Trust

In related news, EVP Thomas P. Durels sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $8.11, for a total value of $101,375.00. Following the transaction, the executive vice president now directly owns 74,307 shares of the company’s stock, valued at approximately $602,629.77. The trade was a 14.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 30,122 shares of company stock worth $242,761. 14.01% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Empire State Realty Trust

Several institutional investors and hedge funds have recently modified their holdings of ESRT. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Empire State Realty Trust during the third quarter valued at about $25,000. GF Fund Management CO. LTD. purchased a new position in Empire State Realty Trust during the 4th quarter valued at approximately $26,000. Sterling Capital Management LLC increased its stake 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 worth $44,000 after acquiring an additional 3,828 shares during the last quarter. State of Wyoming purchased a new stake in shares of Empire State Realty Trust during the 4th quarter worth approximately $54,000. Finally, Pinney & Scofield Inc. bought a new position in shares of Empire State Realty Trust during the 4th quarter valued at approximately $103,000. 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.