Jennison Associates LLC Makes New Investment in Empire State Realty Trust, Inc. (NYSE:ESRT)

Jennison Associates LLC bought a new position in Empire State Realty Trust, Inc. (NYSE:ESRT - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 76,670 shares of the real estate investment trust's stock, valued at approximately $791,000.

Other institutional investors have also modified their holdings of the company. Custom Index Systems LLC lifted its holdings in Empire State Realty Trust by 17.3% in the fourth quarter. Custom Index Systems LLC now owns 19,292 shares of the real estate investment trust's stock valued at $199,000 after acquiring an additional 2,845 shares during the last quarter. Vert Asset Management LLC raised its position in Empire State Realty Trust by 4.5% in the fourth quarter. Vert Asset Management LLC now owns 55,749 shares of the real estate investment trust's stock valued at $575,000 after purchasing an additional 2,400 shares during the period. Inspire Investing LLC lifted its stake in shares of Empire State Realty Trust by 22.3% in the 4th quarter. Inspire Investing LLC now owns 45,771 shares of the real estate investment trust's stock valued at $472,000 after purchasing an additional 8,346 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Empire State Realty Trust by 46.4% during the 4th quarter. SG Americas Securities LLC now owns 39,636 shares of the real estate investment trust's stock worth $409,000 after purchasing an additional 12,553 shares during the period. Finally, Ballentine Partners LLC increased its position in shares of Empire State Realty Trust by 22.8% during the 4th quarter. Ballentine Partners LLC now owns 14,349 shares of the real estate investment trust's stock worth $148,000 after purchasing an additional 2,668 shares during the last quarter. Hedge funds and other institutional investors own 67.10% of the company's stock.

Insider Activity

In other news, EVP Thomas P. Durels sold 10,000 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $10.10, for a total value of $101,000.00. Following the sale, the executive vice president now directly owns 86,807 shares in the company, valued at approximately $876,750.70. This trade represents a 10.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 13.95% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on ESRT. BMO Capital Markets upped their target price on shares of Empire State Realty Trust from $12.00 to $13.00 and gave the company an "outperform" rating in a research report on Friday, November 15th. StockNews.com cut shares of Empire State Realty Trust from a "hold" rating to a "sell" rating in a research report on Thursday, January 23rd.

Empire State Realty Trust Trading Down 2.3 %

ESRT traded down $0.23 during mid-day trading on Monday, hitting $9.43. 733,508 shares of the stock were exchanged, compared to its average volume of 1,152,850. The firm's fifty day moving average is $10.08 and its two-hundred day moving average is $10.50. Empire State Realty Trust, Inc. has a 1-year low of $8.78 and a 1-year high of $11.62. The company has a market cap of $1.57 billion, a PE ratio of 34.91 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a dividend of $0.035 per share. The ex-dividend date was Monday, December 16th. This represents a $0.14 annualized dividend and a dividend yield of 1.49%. Empire State Realty Trust's dividend payout ratio is presently 51.85%.

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.