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

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

Analyst Upgrades and Downgrades

ESRT has been the topic of a number of research analyst reports. 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. Evercore set a $6.00 price objective on shares of Empire State Realty Trust in a research report on Monday. Citigroup lowered their price objective 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. Finally, Wells Fargo & Company lowered their price objective 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. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Sell” and an average target price of $5.92.

Empire State Realty Trust Price Performance

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

Empire State Realty Trust Announces Dividend

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

Institutional Trading of Empire State Realty Trust

A number of institutional investors have recently added to or reduced their stakes in the business. M&T Bank Corp lifted its stake in Empire State Realty Trust by 11.7% in the second quarter. M&T Bank Corp now owns 12,961 shares of the real estate investment trust’s stock valued at $105,000 after acquiring an additional 1,360 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Empire State Realty Trust by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 70,992 shares of the real estate investment trust’s stock valued at $574,000 after acquiring an additional 1,418 shares during the last quarter. Amundi lifted its stake in Empire State Realty Trust by 2.0% in the first quarter. Amundi now owns 78,614 shares of the real estate investment trust’s stock valued at $585,000 after acquiring an additional 1,562 shares during the last quarter. Van ECK Associates Corp lifted its stake in Empire State Realty Trust by 4.4% in the third quarter. Van ECK Associates Corp now owns 40,169 shares of the real estate investment trust’s stock valued at $308,000 after acquiring an additional 1,707 shares during the last quarter. Finally, Cerity Partners LLC lifted its stake in Empire State Realty Trust by 3.0% in the second quarter. Cerity Partners LLC now owns 64,449 shares of the real estate investment trust’s stock valued at $521,000 after acquiring an additional 1,896 shares during the last quarter. 67.10% of the stock is currently owned by institutional investors and hedge funds.

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.