Empire State Realty Trust (NYSE:ESRT) Reaches New 1-Year Low – Here’s What Happened

Empire State Realty Trust, Inc. (NYSE:ESRT) hit a new 52-week low during trading on Friday . The stock traded as low as $7.82 and last traded at $7.87, with a volume of 25550 shares. The stock had previously closed at $7.95.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ESRT. StockNews.com cut shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Wednesday, March 19th. Wolfe Research upgraded shares of Empire State Realty Trust from a “peer perform” rating to an “outperform” rating and set a $10.00 target price on the stock in a research report on Tuesday, March 25th.

Empire State Realty Trust Stock Down 1.6 %

The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 27.95 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 stock has a 50 day moving average price of $8.87 and a 200 day moving average price of $10.06.

Empire State Realty Trust (NYSE:ESRT) last posted its 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 for the quarter, compared to the consensus estimate 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, analysts forecast that Empire State Realty Trust, Inc. will post 0.88 EPS for the current year.

Empire State Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.035 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.14 annualized dividend and a yield of 1.79%. Empire State Realty Trust’s payout ratio is 50.00%.

Insider Transactions at Empire State Realty Trust

In other news, EVP Thomas P. Durels sold 5,779 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $8.03, for a total transaction of $46,405.37. Following the completion of the sale, the executive vice president now owns 56,028 shares of the company’s stock, valued at $449,904.84. This trade represents a 9.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In the last ninety days, insiders sold 30,122 shares of company stock valued at $242,761. Corporate insiders own 13.95% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Intech Investment Management LLC acquired a new position in Empire State Realty Trust during the 3rd quarter worth approximately $385,000. Charles Schwab Investment Management Inc. raised its position in shares of Empire State Realty Trust by 4.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,758,869 shares of the real estate investment trust’s stock worth $41,648,000 after purchasing an additional 171,056 shares during the period. Algert Global LLC raised its position in shares of Empire State Realty Trust by 42.0% during the third quarter. Algert Global LLC now owns 58,047 shares of the real estate investment trust’s stock worth $643,000 after purchasing an additional 17,160 shares during the period. Daiwa Securities Group Inc. grew its position in Empire State Realty Trust by 6.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 44,950 shares of the real estate investment trust’s stock valued at $498,000 after purchasing an additional 2,717 shares during the period. Finally, FMR LLC increased its stake in Empire State Realty Trust by 28.2% during the 3rd quarter. FMR LLC now owns 467,285 shares of the real estate investment trust’s stock valued at $5,178,000 after purchasing an additional 102,658 shares in the last quarter. 67.10% of the stock is owned by institutional investors.

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.