Empire State Realty Trust (NYSE:ESRT) Sets New 1-Year Low – Here’s Why

Shares of Empire State Realty Trust, Inc. (NYSE:ESRT) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $6.37 and last traded at $6.4880, with a volume of 1496483 shares traded. The stock had previously closed at $6.51.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company lowered their price target on 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Empire State Realty Trust in a research report on Monday, December 15th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Empire State Realty Trust has an average rating of “Hold” and an average target price of $8.40.

Empire State Realty Trust Trading Up 1.2%

The company has a 50 day moving average of $7.08 and a 200-day moving average of $7.50. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 31.12 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.33 and a current ratio of 4.33.

Empire State Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Monday, December 15th. Empire State Realty Trust’s dividend payout ratio is presently 66.67%.

Hedge Funds Weigh In On Empire State Realty Trust

Institutional investors have recently modified their holdings of the business. Tudor Investment Corp ET AL acquired a new stake in shares of Empire State Realty Trust in the third quarter valued at $356,000. CIBC Bancorp USA Inc. purchased a new stake in Empire State Realty Trust during the 3rd quarter worth about $113,000. CANADA LIFE ASSURANCE Co raised its position in Empire State Realty Trust by 2.3% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 309,655 shares of the real estate investment trust’s stock valued at $2,366,000 after purchasing an additional 6,934 shares in the last quarter. Verition Fund Management LLC boosted its stake in shares of Empire State Realty Trust by 260.7% in the 3rd quarter. Verition Fund Management LLC now owns 43,864 shares of the real estate investment trust’s stock valued at $336,000 after buying an additional 31,702 shares during the period. Finally, Land & Buildings Investment Management LLC purchased a new position in shares of Empire State Realty Trust in the 3rd quarter valued at about $7,772,000. Institutional investors and hedge funds own 67.10% of the company’s stock.

Empire State Realty Trust Company Profile

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.