Empire State Realty Trust (NYSE:ESRT) Price Target Cut to $8.30 by Analysts at Wells Fargo & Company

Empire State Realty Trust (NYSE:ESRT) had its price target decreased by analysts at Wells Fargo & Company from $11.00 to $8.30 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price points to a potential upside of 8.43% from the stock’s current price.

A number of other brokerages have also weighed in on ESRT. Citigroup reaffirmed a “neutral” rating on shares of Empire State Realty Trust in a research report on Friday, April 11th. StockNews.com upgraded shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a report on Thursday, April 3rd. Finally, Wolfe Research upgraded shares of Empire State Realty Trust from a “peer perform” rating to an “outperform” rating and set a $10.00 price target on the stock in a report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $10.43.

Empire State Realty Trust Trading Down 2.0%

ESRT stock traded down $0.16 during midday trading on Monday, reaching $7.66. 41,256 shares of the company traded hands, compared to its average volume of 1,235,127. The business has a 50 day moving average of $7.49 and a 200-day moving average of $9.11. Empire State Realty Trust has a 52-week low of $6.56 and a 52-week high of $11.62. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 27.33 and a beta of 1.60. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.72 and a current ratio of 3.72.

Empire State Realty Trust (NYSE:ESRT) last announced its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter. Empire State Realty Trust had a net margin of 6.45% and a return on equity of 2.84%. The business had revenue of $154.54 million during the quarter. As a group, sell-side analysts expect that Empire State Realty Trust will post 0.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Thomas P. Durels sold 12,500 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $8.11, for a total value of $101,375.00. Following the transaction, the executive vice president now owns 74,307 shares of the company’s stock, valued at $602,629.77. This represents a 14.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 30,122 shares of company stock worth $242,761. Insiders own 14.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. purchased a new position in Empire State Realty Trust during the 4th quarter valued at about $26,000. Sterling Capital Management LLC increased its stake in Empire State Realty Trust by 819.7% during the 4th quarter. Sterling Capital Management LLC now owns 4,295 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 3,828 shares during the period. Quantbot Technologies LP acquired a new stake in Empire State Realty Trust during the 1st quarter worth approximately $37,000. State of Wyoming purchased a new position in Empire State Realty Trust in the 4th quarter valued at approximately $54,000. Finally, US Bancorp DE grew its stake in shares of Empire State Realty Trust by 22.4% in the first quarter. US Bancorp DE now owns 9,973 shares of the real estate investment trust’s stock worth $78,000 after acquiring an additional 1,824 shares in the last quarter. 67.10% of the stock is currently owned by hedge funds and other institutional investors.

Empire State Realty Trust Company Profile

Empire State Realty Trust, Inc (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. The company is the recognized leader in energy efficiency and indoor environmental quality. ESRT’s flagship Empire State Building – the “World’s Most Famous Building” – includes its Observatory, Tripadvisor’s 2023 Travelers’ Choice Awards: Best of the Best the #1 attraction in the US for two consecutive years.