Empire State Realty Trust (NYSE:ESRT) Given New $6.00 Price Target at Wells Fargo & Company

Empire State Realty Trust (NYSE:ESRT – Get Rating) had its target price increased by Wells Fargo & Company from $5.00 to $6.00 in a research report released on Thursday, Benzinga reports. The firm currently has an underweight rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued reports about the company. BMO Capital Markets upgraded Empire State Realty Trust from a market perform rating to an outperform rating and set a $9.00 price objective for the company in a research note on Friday, March 3rd. StockNews.com started coverage on Empire State Realty Trust in a research note on Thursday. They issued a hold rating for the company. TheStreet upgraded Empire State Realty Trust from a d+ rating to a c rating in a research note on Wednesday, February 15th. Citigroup increased their price target on Empire State Realty Trust from $7.25 to $7.50 and gave the company a neutral rating in a research note on Wednesday, March 1st. Finally, Bank of America upgraded Empire State Realty Trust from a neutral rating to a buy rating and set a $9.25 price target for the company in a research note on Wednesday, March 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $8.35.

Empire State Realty Trust Trading Down 8.6 %

Shares of NYSE ESRT opened at $6.06 on Thursday. The company has a debt-to-equity ratio of 1.33, a current ratio of 7.17 and a quick ratio of 7.17. The stock has a market capitalization of $978.21 million, a P/E ratio of 27.55, a price-to-earnings-growth ratio of 2.60 and a beta of 1.19. Empire State Realty Trust has a 1-year low of $6.04 and a 1-year high of $10.06. The business has a fifty day moving average price of $7.61 and a 200 day moving average price of $7.24.

Empire State Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be paid a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Tuesday, March 14th. Empire State Realty Trust’s payout ratio is 63.64%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Empire State Realty Trust by 113.3% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 5,069 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 2,692 shares during the period. Ensign Peak Advisors Inc acquired a new stake in Empire State Realty Trust in the third quarter valued at approximately $44,000. Point72 Hong Kong Ltd grew its holdings in Empire State Realty Trust by 203.4% in the third quarter. Point72 Hong Kong Ltd now owns 7,115 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 4,770 shares during the period. Captrust Financial Advisors acquired a new stake in Empire State Realty Trust in the second quarter valued at approximately $59,000. Finally, Group One Trading L.P. purchased a new position in shares of Empire State Realty Trust in the fourth quarter valued at approximately $59,000. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Empire State Realty Trust Company Profile

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Empire State Realty Trust, Inc is a real estate investment trust, which engages in owning, managing, acquiring, and repositioning office and retail properties. It operates through the Real Estate and Observatory segments. The Real Estate segment includes ownership, management, operation, acquisition, repositioning, and disposition of real estate assets.