Citigroup Has Lowered Expectations for Empire State Realty Trust (NYSE:ESRT) Stock Price

Empire State Realty Trust (NYSE:ESRT) had its price objective lowered by research analysts at Citigroup from $8.00 to $7.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s price target indicates a potential upside of 17.75% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Empire State Realty Trust from $8.30 to $6.80 and set an “underweight” rating for the company in a report on Tuesday, November 25th. Evercore set a $7.00 price objective on Empire State Realty Trust in a research report on Wednesday. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Empire State Realty Trust in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Empire State Realty Trust presently has an average rating of “Hold” and a consensus target price of $7.70.

Empire State Realty Trust Trading Down 1.9%

NYSE:ESRT opened at $5.95 on Thursday. The company’s 50 day moving average is $6.52 and its 200-day moving average is $7.09. The company has a quick ratio of 4.33, a current ratio of 4.33 and a debt-to-equity ratio of 1.14. Empire State Realty Trust has a 12 month low of $5.91 and a 12 month high of $9.29. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 22.87 and a beta of 1.36.

Institutional Trading of Empire State Realty Trust

Several institutional investors have recently modified their holdings of the company. Wolverine Asset Management LLC lifted its holdings in shares of Empire State Realty Trust by 73.1% during the 3rd quarter. Wolverine Asset Management LLC now owns 1,561,474 shares of the real estate investment trust’s stock worth $11,961,000 after acquiring an additional 659,543 shares during the period. Robeco Institutional Asset Management B.V. acquired a new stake in Empire State Realty Trust during the third quarter valued at approximately $3,983,000. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Empire State Realty Trust by 131.2% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,118,081 shares of the real estate investment trust’s stock valued at $8,564,000 after purchasing an additional 634,543 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Empire State Realty Trust by 59.6% in the 3rd quarter. Principal Financial Group Inc. now owns 3,813,895 shares of the real estate investment trust’s stock worth $29,214,000 after buying an additional 1,424,066 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Empire State Realty Trust by 42.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,169,216 shares of the real estate investment trust’s stock worth $17,549,000 after buying an additional 649,776 shares during the period. Institutional investors and hedge funds own 67.10% of the company’s stock.

About Empire State Realty Trust

Empire State Realty Trust, Inc is a publicly traded real estate investment trust (REIT) focused on the ownership, management and operation of office and retail properties. The company’s portfolio features the iconic Empire State Building in Midtown Manhattan, alongside a diversified collection of commercial assets situated throughout Manhattan, Brooklyn and select markets in Upstate New York. By offering premium office space and street-level retail, Empire State Realty Trust positions itself as a landlord of choice for corporate tenants, retailers and experiential brands seeking high-profile addresses.

Established through a spin-off of assets in early 2013, Empire State Realty Trust consolidated a mix of landmark and Class A properties, creating scale in one of the world’s most competitive real estate markets.