Franklin Resources Inc. Lowers Holdings in Empire State Realty Trust, Inc. (NYSE:ESRT)

Franklin Resources Inc. reduced its stake in Empire State Realty Trust, Inc. (NYSE:ESRT) by 10.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 49,712 shares of the real estate investment trust’s stock after selling 5,538 shares during the period. Franklin Resources Inc.’s holdings in Empire State Realty Trust were worth $552,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ESRT. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Empire State Realty Trust in the 3rd quarter worth approximately $25,000. Signaturefd LLC raised its position in Empire State Realty Trust by 81.6% in the third quarter. Signaturefd LLC now owns 3,391 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 1,524 shares during the period. Loomis Sayles & Co. L P lifted its stake in Empire State Realty Trust by 3,139.1% during the third quarter. Loomis Sayles & Co. L P now owns 4,470 shares of the real estate investment trust’s stock worth $50,000 after purchasing an additional 4,332 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Empire State Realty Trust by 35.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,412 shares of the real estate investment trust’s stock worth $59,000 after buying an additional 1,419 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in shares of Empire State Realty Trust in the third quarter valued at $115,000. Hedge funds and other institutional investors own 67.10% of the company’s stock.

Empire State Realty Trust Trading Down 0.9 %

ESRT opened at $10.10 on Tuesday. The business has a fifty day moving average price of $10.80 and a 200 day moving average price of $10.51. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.72 and a quick ratio of 3.72. Empire State Realty Trust, Inc. has a 12 month low of $8.78 and a 12 month high of $11.62. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 37.41 and a beta of 1.40.

Empire State Realty Trust (NYSE:ESRT) last announced its quarterly earnings data on Monday, October 21st. The real estate investment trust reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.16). The company had revenue of $199.60 million for the quarter. Empire State Realty Trust had a return on equity of 2.73% and a net margin of 6.22%. During the same period in the previous year, the company posted $0.25 earnings per share. Sell-side analysts expect that Empire State Realty Trust, Inc. will post 0.93 earnings per share for the current fiscal year.

Empire State Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a dividend of $0.035 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.39%. Empire State Realty Trust’s payout ratio is currently 51.85%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ESRT shares. BMO Capital Markets increased their target price on Empire State Realty Trust from $12.00 to $13.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. StockNews.com lowered shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a research note on Saturday, November 2nd. Finally, Wells Fargo & Company lifted their price objective on shares of Empire State Realty Trust from $7.00 to $10.00 and gave the company an “underweight” rating in a report on Wednesday, September 11th.

Insider Activity

In related news, EVP Thomas P. Durels sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $10.10, for a total value of $101,000.00. Following the completion of the transaction, the executive vice president now directly owns 86,807 shares of the company’s stock, valued at $876,750.70. This represents a 10.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 13.95% of the company’s stock.

Empire State Realty Trust Profile

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.