Empire State Realty Trust (NYSE:ESRT) Shares Up 7.6% – Here’s What Happened

Empire State Realty Trust, Inc. (NYSE:ESRT)’s stock price shot up 7.6% during trading on Tuesday . The company traded as high as $5.69 and last traded at $5.7570. 1,653,537 shares were traded during mid-day trading, an increase of 1% from the average session volume of 1,637,069 shares. The stock had previously closed at $5.35.

Analyst Upgrades and Downgrades

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

Empire State Realty Trust Stock Performance

The stock has a 50-day simple moving average of $5.47 and a 200-day simple moving average of $5.99. 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 has a market cap of $930.26 million, a PE ratio of 20.75 and a beta of 1.35.

Empire State Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, June 15th. Empire State Realty Trust’s payout ratio is currently 53.85%.

Institutional Investors Weigh In On Empire State Realty Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd purchased a new stake in shares of Empire State Realty Trust in the third quarter worth about $29,000. Royal Bank of Canada boosted its position in shares of Empire State Realty Trust by 86.1% in the first quarter. Royal Bank of Canada now owns 11,078 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 5,124 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of Empire State Realty Trust in the first quarter worth about $60,000. DRW Securities LLC purchased a new stake in shares of Empire State Realty Trust in the fourth quarter worth about $69,000. Finally, Vise Technologies Inc. purchased a new stake in shares of Empire State Realty Trust in the fourth quarter worth about $71,000. 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.