Empire State Realty Trust (NYSE:ESRT) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Empire State Realty Trust, Inc. (NYSE:ESRT) saw unusually-strong trading volume on Tuesday . Approximately 4,886,228 shares changed hands during trading, an increase of 183% from the previous session’s volume of 1,729,298 shares.The stock last traded at $5.4150 and had previously closed at $5.30.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ESRT shares. Evercore set a $6.00 price objective on shares of Empire State Realty Trust in a research note on Monday, June 8th. Weiss Ratings downgraded shares of Empire State Realty Trust from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. 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 for the company in a research note on Monday, June 1st. Finally, 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. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Sell” and an average price target 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 firm’s 50-day moving average is $5.49 and its 200-day moving average is $5.96. The company has a market cap of $926.81 million, a PE ratio of 20.67 and a beta of 1.35.

Empire State Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.035 per share. The ex-dividend date is Monday, June 15th. This represents a $0.14 annualized dividend and a dividend yield of 2.6%. Empire State Realty Trust’s payout ratio is currently 53.85%.

Hedge Funds Weigh In On Empire State Realty Trust

Several hedge funds and other institutional investors have recently modified their holdings of ESRT. Aster Capital Management DIFC Ltd purchased a new stake in Empire State Realty Trust in the third quarter worth about $29,000. Raymond James Financial Inc. purchased a new stake in Empire State Realty Trust in the second quarter worth about $74,000. Abacus Wealth Partners LLC purchased a new stake in Empire State Realty Trust in the third quarter worth about $77,000. DRW Securities LLC purchased a new stake in Empire State Realty Trust in the fourth quarter worth about $69,000. Finally, Vise Technologies Inc. purchased a new stake in Empire State Realty Trust in the fourth quarter worth about $71,000. Hedge funds and other institutional investors own 67.10% of the company’s stock.

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.