Citigroup Cuts Empire State Realty Trust (NYSE:ESRT) Price Target to $7.00

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

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company reduced 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. Weiss Ratings reissued a “hold (c-)” rating on shares of Empire State Realty Trust in a research report on Monday, December 29th. Finally, Evercore set a $7.00 price target on Empire State Realty Trust in a research report on Wednesday. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $7.70.

Empire State Realty Trust Trading Down 1.8%

Shares of Empire State Realty Trust stock traded down $0.12 during trading hours on Thursday, hitting $6.11. The company’s stock had a trading volume of 1,641,453 shares, compared to its average volume of 1,564,865. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 23.37 and a beta of 1.36. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.33 and a current ratio of 4.33. Empire State Realty Trust has a twelve month low of $6.02 and a twelve month high of $9.29. The firm has a fifty day moving average of $6.56 and a 200-day moving average of $7.10.

Hedge Funds Weigh In On Empire State Realty Trust

Large investors have recently bought and sold shares of the company. Wolverine Asset Management LLC lifted its holdings in Empire State Realty Trust by 73.1% in the 3rd quarter. Wolverine Asset Management LLC now owns 1,561,474 shares of the real estate investment trust’s stock valued at $11,961,000 after purchasing an additional 659,543 shares in the last quarter. Robeco Institutional Asset Management B.V. acquired a new position in shares of Empire State Realty Trust in the third quarter valued at approximately $3,983,000. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Empire State Realty Trust by 131.2% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,118,081 shares of the real estate investment trust’s stock valued at $8,564,000 after buying an additional 634,543 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Empire State Realty Trust by 59.6% during the third quarter. Principal Financial Group Inc. now owns 3,813,895 shares of the real estate investment trust’s stock valued at $29,214,000 after buying an additional 1,424,066 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in Empire State Realty Trust by 42.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,169,216 shares of the real estate investment trust’s stock worth $17,549,000 after acquiring an additional 649,776 shares during the last quarter. Hedge funds and other 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.