Empire State Realty Trust (NYSE:ESRT) Sets New 52-Week Low – What’s Next?

Empire State Realty Trust, Inc. (NYSE:ESRT)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $5.88 and last traded at $5.9250, with a volume of 67538 shares changing hands. The stock had previously closed at $5.94.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ESRT shares. Wells Fargo & Company dropped their price target on shares of Empire State Realty Trust from $8.30 to $6.80 and set an “underweight” rating on the stock in a research note on Tuesday, November 25th. Citigroup cut their price target on Empire State Realty Trust from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, February 19th. Weiss Ratings restated a “hold (c-)” rating on shares of Empire State Realty Trust in a report on Monday, December 29th. Finally, Evercore set a $7.00 price target on shares of Empire State Realty Trust in a report on Wednesday, February 18th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Empire State Realty Trust currently has an average rating of “Hold” and a consensus target price of $7.70.

Empire State Realty Trust Trading Up 0.6%

The company has a quick ratio of 4.33, a current ratio of 4.33 and a debt-to-equity ratio of 1.14. The company has a 50-day moving average price of $6.48 and a 200-day moving average price of $7.06. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 22.98 and a beta of 1.36.

Empire State Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, March 13th. Empire State Realty Trust’s payout ratio is 53.85%.

Hedge Funds Weigh In On Empire State Realty Trust

Several hedge funds and other institutional investors have recently modified their holdings of ESRT. M&T Bank Corp grew its holdings in shares of Empire State Realty Trust by 11.7% in the 2nd quarter. M&T Bank Corp now owns 12,961 shares of the real estate investment trust’s stock valued at $105,000 after buying an additional 1,360 shares during the period. The Manufacturers Life Insurance Company raised 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 purchasing an additional 1,418 shares during the period. Amundi grew its position in shares of Empire State Realty Trust by 2.0% in the 1st quarter. Amundi now owns 78,614 shares of the real estate investment trust’s stock valued at $585,000 after purchasing an additional 1,562 shares during the period. Van ECK Associates Corp increased its stake in Empire State Realty Trust by 4.4% during the 3rd quarter. Van ECK Associates Corp now owns 40,169 shares of the real estate investment trust’s stock worth $308,000 after purchasing an additional 1,707 shares in the last quarter. Finally, Cerity Partners LLC raised its holdings in 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 worth $521,000 after buying an additional 1,896 shares during the period. Institutional investors 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.