Empire State Realty Trust (ESRT) Price Target Cut to $20.00 by Analysts at Stifel Nicolaus

Empire State Realty Trust (NYSE:ESRT) had its target price decreased by Stifel Nicolaus from $23.00 to $20.00 in a note issued to investors on Wednesday. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 8.46% from the company’s previous close.

Several other analysts have also recently weighed in on ESRT. BidaskClub cut Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, October 28th. BMO Capital Markets reissued a “buy” rating and set a $23.00 price target on shares of Empire State Realty Trust in a report on Wednesday, November 1st. TheStreet raised Empire State Realty Trust from a “c+” rating to a “b” rating in a report on Tuesday, October 31st. Zacks Investment Research cut Empire State Realty Trust from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. Finally, Evercore ISI raised Empire State Realty Trust from an “in” rating to a “line” rating and set a $23.00 price objective for the company in a report on Monday, December 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. Empire State Realty Trust has an average rating of “Hold” and an average target price of $22.00.

Shares of Empire State Realty Trust (NYSE ESRT) opened at $18.44 on Wednesday. The firm has a market capitalization of $2,877.29, a P/E ratio of 47.28, a P/E/G ratio of 4.32 and a beta of 0.86. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.93 and a current ratio of 4.93. Empire State Realty Trust has a fifty-two week low of $17.52 and a fifty-two week high of $21.98.

In other Empire State Realty Trust news, Chairman Anthony E. Malkin sold 1,243,163 shares of Empire State Realty Trust stock in a transaction on Monday, December 4th. The stock was sold at an average price of $20.45, for a total value of $25,422,683.35. Following the completion of the transaction, the chairman now directly owns 156,416 shares of the company’s stock, valued at approximately $3,198,707.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.80% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its holdings in Empire State Realty Trust by 9.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,571 shares of the real estate investment trust’s stock valued at $116,000 after acquiring an additional 479 shares in the last quarter. Quantbot Technologies LP acquired a new position in Empire State Realty Trust in the 3rd quarter valued at $153,000. Advisor Group Inc. raised its holdings in Empire State Realty Trust by 22.1% in the 2nd quarter. Advisor Group Inc. now owns 8,344 shares of the real estate investment trust’s stock valued at $173,000 after acquiring an additional 1,510 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Empire State Realty Trust by 32.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 11,399 shares of the real estate investment trust’s stock valued at $234,000 after acquiring an additional 2,821 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Empire State Realty Trust by 72.3% during the 3rd quarter. SG Americas Securities LLC now owns 12,300 shares of the real estate investment trust’s stock worth $253,000 after buying an additional 5,163 shares in the last quarter. 82.62% of the stock is owned by hedge funds and other institutional investors.

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Empire State Realty Trust Company Profile

Empire State Realty Trust, Inc is a real estate investment trust. The Company owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building. The Company operates through two segments: Real Estate and Observatory.

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