Empire State Realty Trust (NYSE:ESRT) Share Price Crosses Below 200 Day Moving Average – Time to Sell?

Empire State Realty Trust, Inc. (NYSE:ESRT)’s stock price crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $5.77 and traded as low as $5.36. Empire State Realty Trust shares last traded at $5.4250, with a volume of 1,014,411 shares traded.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Empire State Realty Trust from $6.30 to $6.00 and set an “underweight” rating on the stock in a report on Monday, June 1st. Citigroup decreased their target price on Empire State Realty Trust from $7.00 to $5.75 and set a “neutral” rating on the stock in a research report on Wednesday, April 15th. Evercore set a $6.00 price target on Empire State Realty Trust in a report on Monday, June 8th. Finally, Weiss Ratings downgraded Empire State Realty Trust from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Empire State Realty Trust currently has a consensus rating of “Sell” and a consensus target price of $5.92.

Empire State Realty Trust Price Performance

The firm has a market cap of $935.43 million, a P/E ratio of 20.87 and a beta of 1.35. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.94 and a quick ratio of 1.94. The stock’s 50-day simple moving average is $5.48 and its two-hundred day simple moving average is $5.77.

Empire State Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, June 15th. Empire State Realty Trust’s payout ratio is 53.85%.

Institutional Investors Weigh In On Empire State Realty Trust

Institutional investors and hedge funds have recently modified their holdings of the business. Cohen & Steers Inc. increased its holdings in Empire State Realty Trust by 456.9% during the 4th quarter. Cohen & Steers Inc. now owns 11,128,303 shares of the real estate investment trust’s stock worth $72,557,000 after purchasing an additional 9,129,959 shares during the period. Resolution Capital Ltd purchased a new stake in Empire State Realty Trust during the second quarter valued at approximately $43,706,000. Lasalle Investment Management Securities LLC increased its position in shares of Empire State Realty Trust by 264.1% during the fourth quarter. Lasalle Investment Management Securities LLC now owns 5,524,484 shares of the real estate investment trust’s stock worth $36,020,000 after purchasing an additional 4,007,189 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Empire State Realty Trust by 204.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,155,109 shares of the real estate investment trust’s stock valued at $20,571,000 after purchasing an additional 2,118,859 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Empire State Realty Trust by 137.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,105,313 shares of the real estate investment trust’s stock worth $24,284,000 after purchasing an additional 1,798,850 shares in the last quarter. 67.10% of the stock is owned by institutional investors.

About Empire State Realty Trust

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.