Empire State Realty Trust (NYSE:ESRT) Price Target Raised to $10.00

Empire State Realty Trust (NYSE:ESRT - Get Free Report) had its target price lifted by Wells Fargo & Company from $7.00 to $10.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "underweight" rating on the real estate investment trust's stock. Wells Fargo & Company's price target points to a potential downside of 1.09% from the stock's previous close.

Several other research firms also recently weighed in on ESRT. StockNews.com downgraded shares of Empire State Realty Trust from a "hold" rating to a "sell" rating in a research report on Friday, July 26th. BMO Capital Markets boosted their price objective on shares of Empire State Realty Trust from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, July 19th.

Empire State Realty Trust Stock Down 0.5 %

Shares of NYSE:ESRT traded down $0.05 during trading hours on Wednesday, hitting $10.11. The company's stock had a trading volume of 1,261,844 shares, compared to its average volume of 1,099,253. Empire State Realty Trust has a 52 week low of $7.25 and a 52 week high of $11.20. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.24 and a quick ratio of 3.24. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 33.70, a P/E/G ratio of 6.20 and a beta of 1.40. The firm's fifty day moving average price is $10.34 and its 200 day moving average price is $9.77.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) last posted its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.24 by ($0.14). Empire State Realty Trust had a net margin of 5.89% and a return on equity of 2.57%. The firm had revenue of $189.54 million for the quarter. During the same period last year, the firm earned $0.26 earnings per share. As a group, research analysts expect that Empire State Realty Trust will post 0.94 EPS for the current year.

Hedge Funds Weigh In On Empire State Realty Trust

Several hedge funds and other institutional investors have recently bought and sold shares of ESRT. Scotia Capital Inc. acquired a new position in Empire State Realty Trust in the 4th quarter worth approximately $123,000. Mercer Global Advisors Inc. ADV acquired a new position in Empire State Realty Trust in the 2nd quarter worth approximately $137,000. Allspring Global Investments Holdings LLC acquired a new position in Empire State Realty Trust in the 1st quarter worth approximately $143,000. Quest Partners LLC acquired a new position in Empire State Realty Trust in the 4th quarter worth approximately $157,000. Finally, QRG Capital Management Inc. boosted its position in Empire State Realty Trust by 20.5% in the 4th quarter. QRG Capital Management Inc. now owns 16,297 shares of the real estate investment trust's stock worth $158,000 after purchasing an additional 2,776 shares in the last quarter. Institutional investors and hedge funds own 67.10% of the company's stock.

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.