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

Empire State Realty Trust, Inc. (NYSE:ESRT)’s share price crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $5.72 and traded as low as $5.52. Empire State Realty Trust shares last traded at $5.5380, with a volume of 1,029,147 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Evercore set a $6.00 target price on Empire State Realty Trust in a research report on Monday, June 8th. Citigroup reduced their price target 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. Wells Fargo & Company decreased their price objective on Empire State Realty Trust from $6.30 to $6.00 and set an “underweight” rating on the stock in a research note on Monday, June 1st. Finally, Weiss Ratings cut Empire State Realty Trust from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from 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 Stock Up 0.8%

The stock’s fifty day moving average is $5.48 and its two-hundred day moving average is $5.71. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 1.22. The firm has a market cap of $944.05 million, a P/E ratio of 21.06 and a beta of 1.35.

Empire State Realty Trust Announces Dividend

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

Hedge Funds Weigh In On Empire State Realty Trust

A number of institutional investors have recently made changes to their positions in the stock. Ameriprise Financial Inc. grew its position in Empire State Realty Trust by 10.7% in the third quarter. Ameriprise Financial Inc. now owns 11,934,145 shares of the real estate investment trust’s stock worth $91,318,000 after acquiring an additional 1,153,446 shares in the last quarter. Cohen & Steers Inc. increased its stake in Empire State Realty Trust by 456.9% in the fourth quarter. Cohen & Steers Inc. now owns 11,128,303 shares of the real estate investment trust’s stock valued at $72,557,000 after acquiring an additional 9,129,959 shares during the last quarter. Lasalle Investment Management Securities LLC raised its position in Empire State Realty Trust by 64.0% during the first quarter. Lasalle Investment Management Securities LLC now owns 9,058,860 shares of the real estate investment trust’s stock valued at $47,106,000 after purchasing an additional 3,534,376 shares in the last quarter. Resolution Capital Ltd purchased a new stake in Empire State Realty Trust during the second quarter valued at about $43,706,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Empire State Realty Trust by 55.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,905,653 shares of the real estate investment trust’s stock worth $25,509,000 after purchasing an additional 1,750,544 shares during the last quarter. Institutional investors own 67.10% of the company’s stock.

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.