Empire State Realty Trust (NYSE:ESRT) Hits New 52-Week Low – Time to Sell?

Empire State Realty Trust, Inc. (NYSE:ESRT) shares reached a new 52-week low on Monday . The company traded as low as $6.36 and last traded at $6.4150, with a volume of 1050651 shares changing hands. The stock had previously closed at $6.52.

Analyst Upgrades and Downgrades

ESRT has been the subject of several research reports. Wells Fargo & Company dropped their price objective on shares of Empire State Realty Trust from $8.30 to $6.80 and set an “underweight” rating for the company in a research note on Tuesday, November 25th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Empire State Realty Trust in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Empire State Realty Trust has an average rating of “Hold” and a consensus price target of $8.40.

Empire State Realty Trust Stock Down 1.0%

The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 30.50 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a current ratio of 4.33 and a quick ratio of 4.33. The stock has a fifty day moving average of $6.96 and a two-hundred day moving average of $7.43.

Empire State Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a $0.035 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.14 annualized dividend and a yield of 2.2%. Empire State Realty Trust’s dividend payout ratio is presently 66.67%.

Institutional Investors Weigh In On Empire State Realty Trust

A number of institutional investors have recently modified their holdings of ESRT. Ameriprise Financial Inc. lifted its holdings in Empire State Realty Trust by 10.7% in the third quarter. Ameriprise Financial Inc. now owns 11,934,145 shares of the real estate investment trust’s stock valued at $91,318,000 after buying an additional 1,153,446 shares during the period. Resolution Capital Ltd acquired a new position in shares of Empire State Realty Trust in the 2nd quarter valued at about $43,706,000. Principal Financial Group Inc. boosted its position in shares of Empire State Realty Trust by 59.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,813,895 shares of the real estate investment trust’s stock valued at $29,214,000 after purchasing an additional 1,424,066 shares in the last quarter. Geode Capital Management LLC grew its stake in Empire State Realty Trust by 2.3% during the second quarter. Geode Capital Management LLC now owns 3,550,460 shares of the real estate investment trust’s stock worth $28,727,000 after purchasing an additional 79,525 shares during the period. Finally, Centersquare Investment Management LLC increased its holdings in Empire State Realty Trust by 22.0% in the third quarter. Centersquare Investment Management LLC now owns 3,475,569 shares of the real estate investment trust’s stock worth $26,623,000 after purchasing an additional 627,210 shares in the last quarter. 67.10% of the stock is owned by institutional investors.

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.