Empire State Realty Trust (NYSE:ESRT) Hits New 12-Month Low – Here’s Why

Empire State Realty Trust, Inc. (NYSE:ESRT)’s stock price reached a new 52-week low on Thursday . The stock traded as low as $8.66 and last traded at $8.91, with a volume of 871483 shares changing hands. The stock had previously closed at $9.01.

Wall Street Analysts Forecast Growth

ESRT has been the subject of a number of recent analyst reports. StockNews.com cut Empire State Realty Trust from a “hold” rating to a “sell” rating in a research note on Thursday, January 23rd. BMO Capital Markets increased their price target on Empire State Realty Trust from $12.00 to $13.00 and gave the stock an “outperform” rating in a report on Friday, November 15th.

Empire State Realty Trust Stock Down 0.9 %

The firm’s 50 day moving average price is $9.72 and its two-hundred day moving average price is $10.41. The company has a market capitalization of $1.45 billion, a P/E ratio of 30.98 and a beta of 1.40. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.23.

Empire State Realty Trust (NYSE:ESRT) last announced its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.19. Empire State Realty Trust had a return on equity of 2.84% and a net margin of 6.45%. The firm had revenue of $155.13 million for the quarter, compared to analyst estimates of $192.62 million. Equities research analysts forecast that Empire State Realty Trust, Inc. will post 0.88 EPS for the current year.

Empire State Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a $0.035 dividend. The ex-dividend date was Monday, December 16th. This represents a $0.14 annualized dividend and a dividend yield of 1.61%. Empire State Realty Trust’s dividend payout ratio is 50.00%.

Insiders Place Their Bets

In related news, EVP Thomas P. Durels sold 10,000 shares of Empire State Realty Trust stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $10.10, for a total transaction of $101,000.00. Following the completion of the transaction, the executive vice president now owns 86,807 shares of the company’s stock, valued at $876,750.70. This trade represents a 10.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 13.95% of the company’s stock.

Institutional Trading of Empire State Realty Trust

A number of large investors have recently bought and sold shares of ESRT. Ameriprise Financial Inc. grew its position in shares of Empire State Realty Trust by 42.4% during the 4th quarter. Ameriprise Financial Inc. now owns 9,235,041 shares of the real estate investment trust’s stock worth $95,306,000 after buying an additional 2,750,045 shares during the period. Vision Capital Corp boosted its stake in Empire State Realty Trust by 79.9% during the third quarter. Vision Capital Corp now owns 2,802,948 shares of the real estate investment trust’s stock worth $31,057,000 after acquiring an additional 1,245,211 shares in the last quarter. Waterfront Capital Partners LLC acquired a new stake in Empire State Realty Trust in the fourth quarter worth $11,048,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Empire State Realty Trust by 392.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,099,288 shares of the real estate investment trust’s stock valued at $12,180,000 after purchasing an additional 875,836 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Empire State Realty Trust by 42.1% during the fourth quarter. Northern Trust Corp now owns 2,600,328 shares of the real estate investment trust’s stock valued at $26,835,000 after purchasing an additional 771,017 shares during the period. 67.10% of the stock is currently owned by institutional investors and hedge funds.

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.