Empire State Realty Trust (NYSE:ESRT) Lowered to Sell Rating by StockNews.com

Empire State Realty Trust (NYSE:ESRT) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Thursday.

Separately, BMO Capital Markets upped their price target on shares of Empire State Realty Trust from $12.00 to $13.00 and gave the company an “outperform” rating in a research note on Friday, November 15th.

Empire State Realty Trust Stock Performance

Shares of ESRT traded down $0.02 during mid-day trading on Thursday, reaching $9.67. The company’s stock had a trading volume of 684,513 shares, compared to its average volume of 1,020,165. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.23. The stock has a market cap of $1.61 billion, a P/E ratio of 35.80 and a beta of 1.41. Empire State Realty Trust has a 1-year low of $8.78 and a 1-year high of $11.62. The business has a 50-day simple moving average of $10.43 and a two-hundred day simple moving average of $10.58.

Empire State Realty Trust (NYSE:ESRT) last released its quarterly earnings data on Monday, October 21st. The real estate investment trust reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.16). The company had revenue of $199.60 million for the quarter. Empire State Realty Trust had a return on equity of 2.73% and a net margin of 6.22%. During the same period last year, the business posted $0.25 earnings per share. As a group, equities research analysts anticipate that Empire State Realty Trust will post 0.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Thomas P. Durels sold 10,000 shares of the business’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $10.10, for a total value of $101,000.00. Following the completion of the sale, the executive vice president now owns 86,807 shares of the company’s stock, valued at approximately $876,750.70. The trade was a 10.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 13.95% of the company’s stock.

Hedge Funds Weigh In On Empire State Realty Trust

A number of hedge funds have recently bought and sold shares of ESRT. Renaissance Technologies LLC grew its position in shares of Empire State Realty Trust by 142.5% during the 2nd quarter. Renaissance Technologies LLC now owns 255,400 shares of the real estate investment trust’s stock worth $2,396,000 after purchasing an additional 150,100 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Empire State Realty Trust in the second quarter valued at approximately $137,000. Hsbc Holdings PLC boosted its stake in shares of Empire State Realty Trust by 19.6% in the second quarter. Hsbc Holdings PLC now owns 115,639 shares of the real estate investment trust’s stock valued at $1,081,000 after buying an additional 18,930 shares during the period. XTX Topco Ltd grew its position in Empire State Realty Trust by 129.5% during the second quarter. XTX Topco Ltd now owns 24,752 shares of the real estate investment trust’s stock worth $232,000 after buying an additional 13,967 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Empire State Realty Trust by 4.0% during the 2nd quarter. Sei Investments Co. now owns 49,131 shares of the real estate investment trust’s stock worth $461,000 after acquiring an additional 1,882 shares during the period. 67.10% of the stock is owned by institutional investors.

About Empire State Realty Trust

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.