Empire State Realty Trust (NYSE:ESRT) Hits New 52-Week Low - What's Next?

Empire State Realty Trust, Inc. (NYSE:ESRT - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $7.20 and last traded at $7.29, with a volume of 139012 shares traded. The stock had previously closed at $7.85.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ESRT shares. Wolfe Research upgraded shares of Empire State Realty Trust from a "peer perform" rating to an "outperform" rating and set a $10.00 target price on the stock in a research note on Tuesday, March 25th. StockNews.com raised Empire State Realty Trust from a "sell" rating to a "hold" rating in a research note on Thursday.

Empire State Realty Trust Stock Down 4.2 %

The business's 50 day simple moving average is $8.66 and its 200 day simple moving average is $9.95. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $1.16 billion, a PE ratio of 24.46 and a beta of 1.39.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, topping 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 company had revenue of $155.13 million during the quarter, compared to the consensus estimate of $192.62 million. On average, equities research analysts forecast that Empire State Realty Trust, Inc. will post 0.88 earnings per share for the current year.

Remove Ads

Empire State Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.035 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.14 annualized dividend and a dividend yield of 2.03%. Empire State Realty Trust's payout ratio is 50.00%.

Insiders Place Their Bets

In other news, EVP Thomas P. Durels sold 11,843 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $8.02, for a total transaction of $94,980.86. Following the transaction, the executive vice president now directly owns 44,185 shares of the company's stock, valued at approximately $354,363.70. This trade represents a 21.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 30,122 shares of company stock worth $242,761 over the last quarter. Company insiders own 13.95% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Empire State Realty Trust by 28.2% in the 3rd quarter. FMR LLC now owns 467,285 shares of the real estate investment trust's stock valued at $5,178,000 after purchasing an additional 102,658 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Empire State Realty Trust by 4.5% during the third quarter. BNP Paribas Financial Markets now owns 28,391 shares of the real estate investment trust's stock worth $315,000 after purchasing an additional 1,231 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Empire State Realty Trust by 392.0% during the 3rd 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 during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Empire State Realty Trust in the 3rd quarter worth $25,000. Finally, Quadrature Capital Ltd purchased a new position in Empire State Realty Trust during the 3rd quarter worth $115,000. 67.10% of the stock is currently owned by hedge funds and other institutional investors.

About Empire State Realty Trust

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.