Empire State Realty Trust (NYSE:ESRT) Price Target Cut to $7.00 by Analysts at Citigroup

Empire State Realty Trust (NYSE:ESRT) had its price target reduced by equities researchers at Citigroup from $8.00 to $7.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s target price would indicate a potential upside of 14.66% from the company’s previous close.

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

Empire State Realty Trust Trading Down 1.8%

Shares of ESRT stock traded down $0.12 during trading hours on Thursday, hitting $6.11. 1,641,453 shares of the company were exchanged, compared to its average volume of 1,564,865. The firm has a fifty day moving average of $6.56 and a 200 day moving average of $7.10. 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 1 year low of $6.02 and a 1 year high of $9.29. The firm has a market cap of $1.04 billion, a PE ratio of 23.37 and a beta of 1.36.

Institutional Trading of Empire State Realty Trust

Several large investors have recently bought and sold shares of ESRT. M&T Bank Corp boosted its stake in shares of Empire State Realty Trust by 11.7% in the second quarter. M&T Bank Corp now owns 12,961 shares of the real estate investment trust’s stock valued at $105,000 after purchasing an additional 1,360 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Empire State Realty Trust by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 70,992 shares of the real estate investment trust’s stock worth $574,000 after acquiring an additional 1,418 shares during the last quarter. Amundi lifted its stake in shares of Empire State Realty Trust by 2.0% in the first quarter. Amundi now owns 78,614 shares of the real estate investment trust’s stock worth $585,000 after acquiring an additional 1,562 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Empire State Realty Trust by 4.4% in the third quarter. Van ECK Associates Corp now owns 40,169 shares of the real estate investment trust’s stock valued at $308,000 after purchasing an additional 1,707 shares during the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Empire State Realty Trust by 3.0% during the 2nd quarter. Cerity Partners LLC now owns 64,449 shares of the real estate investment trust’s stock valued at $521,000 after buying an additional 1,896 shares during 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 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.