Wells Fargo & Company Cuts Empire State Realty Trust (NYSE:ESRT) Price Target to $6.80

Empire State Realty Trust (NYSE:ESRT) had its price target cut by Wells Fargo & Company from $8.30 to $6.80 in a research report sent to investors on Tuesday morning, MarketBeat reports. They currently have an underweight rating on the real estate investment trust’s stock.

A number of other research analysts have also commented on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Empire State Realty Trust in a research report on Monday, November 17th. Wall Street Zen upgraded Empire State Realty Trust from a “sell” rating to a “hold” rating in a research report on Saturday, August 23rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $8.40.

Empire State Realty Trust Price Performance

ESRT opened at $7.01 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 4.03 and a quick ratio of 4.03. The stock has a market capitalization of $1.19 billion, a P/E ratio of 33.38 and a beta of 1.76. The company’s 50 day simple moving average is $7.38 and its 200-day simple moving average is $7.66. Empire State Realty Trust has a one year low of $6.55 and a one year high of $11.43.

Hedge Funds Weigh In On Empire State Realty Trust

Hedge funds have recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH acquired a new position in shares of Empire State Realty Trust during the 1st quarter worth about $610,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Empire State Realty Trust during the 1st quarter worth approximately $1,539,000. Cetera Investment Advisers grew its holdings in Empire State Realty Trust by 13.9% during the first quarter. Cetera Investment Advisers now owns 20,868 shares of the real estate investment trust’s stock valued at $163,000 after purchasing an additional 2,552 shares during the period. GSA Capital Partners LLP increased its stake in Empire State Realty Trust by 173.6% in the first quarter. GSA Capital Partners LLP now owns 108,314 shares of the real estate investment trust’s stock valued at $847,000 after purchasing an additional 68,720 shares in the last quarter. Finally, US Bancorp DE raised its holdings in 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 purchasing an additional 1,824 shares during the period. Institutional investors and hedge funds own 67.10% of the company’s stock.

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.