Empire State Realty Trust (ESRT) Upgraded to “Hold” at Zacks Investment Research

Empire State Realty Trust (NYSE:ESRT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.

According to Zacks, “Empire State Realty Trust, Inc. is a real estate investment trust which owns, manages, operates, acquires and repositions office and retail properties primarily in Manhattan and New York metropolitan area. Empire State Realty Trust, Inc. is based in New York, United States. “

Other equities analysts have also recently issued reports about the stock. TheStreet upgraded shares of Empire State Realty Trust from a “c+” rating to a “b” rating in a research report on Tuesday, October 31st. BMO Capital Markets reiterated a “buy” rating and set a $23.00 price objective on shares of Empire State Realty Trust in a research report on Wednesday, November 1st. Evercore ISI upgraded shares of Empire State Realty Trust from an “in” rating to a “line” rating and set a $23.00 price objective for the company in a research report on Monday, December 4th. Finally, BidaskClub cut shares of Empire State Realty Trust from a “hold” rating to a “sell” rating in a research report on Saturday, October 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $22.50.

Empire State Realty Trust (NYSE:ESRT) traded down $0.67 during mid-day trading on Monday, reaching $18.35. 1,118,516 shares of the company were exchanged, compared to its average volume of 1,172,742. The firm has a market cap of $2,930.00, a PE ratio of 45.88, a price-to-earnings-growth ratio of 4.50 and a beta of 0.86. Empire State Realty Trust has a twelve month low of $18.32 and a twelve month high of $21.98. The company has a debt-to-equity ratio of 0.80, a quick ratio of 4.93 and a current ratio of 4.93.

In other Empire State Realty Trust news, Chairman Anthony E. Malkin sold 1,243,163 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $20.45, for a total value of $25,422,683.35. Following the completion of the transaction, the chairman now directly owns 156,416 shares in the company, valued at approximately $3,198,707.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 11.80% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its position in Empire State Realty Trust by 9.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,571 shares of the real estate investment trust’s stock valued at $116,000 after acquiring an additional 479 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Empire State Realty Trust by 625.0% during the third quarter. Nisa Investment Advisors LLC now owns 5,800 shares of the real estate investment trust’s stock worth $122,000 after buying an additional 5,000 shares during the period. Societe Generale acquired a new stake in shares of Empire State Realty Trust during the second quarter worth $111,000. SG Americas Securities LLC acquired a new stake in shares of Empire State Realty Trust during the second quarter worth $111,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Empire State Realty Trust by 10.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,898 shares of the real estate investment trust’s stock worth $112,000 after buying an additional 582 shares during the period. Hedge funds and other institutional investors own 82.75% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Empire State Realty Trust (ESRT) Upgraded to “Hold” at Zacks Investment Research” was originally posted by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another website, it was stolen and reposted in violation of United States & international copyright & trademark legislation. The correct version of this story can be read at https://www.americanbankingnews.com/2018/02/05/empire-state-realty-trust-esrt-upgraded-to-hold-at-zacks-investment-research.html.

About Empire State Realty Trust

Empire State Realty Trust, Inc is a real estate investment trust. The Company owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building. The Company operates through two segments: Real Estate and Observatory.

Get a free copy of the Zacks research report on Empire State Realty Trust (ESRT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Empire State Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Empire State Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply