Empire State Realty Trust (NYSE:ESRT) Price Target Lowered to $8.30 at Wells Fargo & Company

Empire State Realty Trust (NYSE:ESRT) had its price objective lowered by Wells Fargo & Company from $11.00 to $8.30 in a report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the real estate investment trust’s stock.

A number of other analysts have also recently weighed in on ESRT. Citigroup restated a “neutral” rating on shares of Empire State Realty Trust in a report on Friday, April 11th. StockNews.com upgraded shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a report on Thursday, April 3rd. Finally, 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 for the company in a report on Tuesday, March 25th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.43.

Empire State Realty Trust Trading Down 2.0%

Empire State Realty Trust stock opened at $7.65 on Monday. The firm has a 50 day simple moving average of $7.48 and a 200-day simple moving average of $9.09. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.72 and a quick ratio of 3.72. The stock has a market capitalization of $1.29 billion, a PE ratio of 27.32 and a beta of 1.60. Empire State Realty Trust has a 12-month low of $6.56 and a 12-month high of $11.62.

Empire State Realty Trust (NYSE:ESRT) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter. The business had revenue of $154.54 million during the quarter. Empire State Realty Trust had a net margin of 6.45% and a return on equity of 2.84%. As a group, equities research analysts expect that Empire State Realty Trust will post 0.88 EPS for the current fiscal year.

Empire State Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Friday, June 13th. Empire State Realty Trust’s dividend payout ratio is 46.67%.

Insider Buying and Selling

In related 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 value of $46,405.37. Following the completion of the transaction, the executive vice president now owns 56,028 shares of the company’s stock, valued at approximately $449,904.84. This trade represents a 9.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 30,122 shares of company stock valued at $242,761. Company insiders own 14.60% of the company’s stock.

Hedge Funds Weigh In On Empire State Realty Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new position in Empire State Realty Trust in the 4th quarter worth approximately $26,000. Sterling Capital Management LLC lifted its position 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 buying an additional 3,828 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Empire State Realty Trust in the 1st quarter worth approximately $37,000. State of Wyoming purchased a new stake in Empire State Realty Trust in the 4th quarter worth approximately $54,000. Finally, US Bancorp DE lifted its position in Empire State Realty Trust by 22.4% in the 1st quarter. US Bancorp DE now owns 9,973 shares of the real estate investment trust’s stock worth $78,000 after buying an additional 1,824 shares in the last quarter. Institutional investors and hedge funds own 67.10% of the company’s stock.

Empire State Realty Trust Company 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.