Empire State Realty Trust (NYSE:ESRT) Trading 7.6% Higher – Should You Buy?

Empire State Realty Trust, Inc. (NYSE:ESRT)’s share price traded up 7.6% during mid-day trading on Tuesday . The company traded as high as $5.69 and last traded at $5.7570. 1,653,537 shares traded hands 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.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Citigroup reduced their price target on shares of 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. Weiss Ratings downgraded shares of 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 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 research report on Monday, June 1st. Finally, Evercore set a $6.00 price target on shares of Empire State Realty Trust in a research report on Monday. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Sell” and a consensus price target of $5.92.

Empire State Realty Trust Price Performance

The company has a market capitalization of $983.02 million, a P/E ratio of 21.93 and a beta of 1.35. The business’s 50-day simple moving average is $5.45 and its 200 day simple moving average is $6.01. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 1.22.

Empire State Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, June 15th. Empire State Realty Trust’s payout ratio is 53.85%.

Hedge Funds Weigh In On Empire State Realty Trust

Several hedge funds have recently made changes to their positions in the business. Ameriprise Financial Inc. grew its stake in shares of Empire State Realty Trust by 10.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 11,934,145 shares of the real estate investment trust’s stock worth $91,318,000 after purchasing an additional 1,153,446 shares during the last quarter. Cohen & Steers Inc. increased its position in shares of 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 worth $72,557,000 after acquiring an additional 9,129,959 shares in the last quarter. Lasalle Investment Management Securities LLC increased its position in shares of Empire State Realty Trust by 64.0% in the first quarter. Lasalle Investment Management Securities LLC now owns 9,058,860 shares of the real estate investment trust’s stock worth $47,106,000 after acquiring an additional 3,534,376 shares in the last quarter. Resolution Capital Ltd purchased a new position in shares of Empire State Realty Trust in the second quarter worth approximately $43,706,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Empire State Realty Trust by 55.5% in 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 acquiring an additional 1,750,544 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 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.