Citigroup Cuts Empire State Realty Trust (NYSE:ESRT) Price Target to $7.00

Empire State Realty Trust (NYSE:ESRT) had its price objective decreased by Citigroup from $8.00 to $7.00 in a report published on Thursday,Benzinga reports. Citigroup currently has a neutral rating on the real estate investment trust’s stock.

ESRT has been the topic of several other research reports. Evercore set a $7.00 target price on shares of Empire State Realty Trust in a research note on Wednesday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Empire State Realty Trust in a report on Monday, December 29th. Finally, Wells Fargo & Company cut their price target on Empire State Realty Trust from $8.30 to $6.80 and set an “underweight” rating on the stock in a research note on Tuesday, November 25th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Empire State Realty Trust has an average rating of “Hold” and a consensus price target of $7.70.

Empire State Realty Trust Stock Down 1.9%

Shares of ESRT opened at $5.95 on Thursday. The business’s fifty day moving average price is $6.52 and its two-hundred day moving average price is $7.09. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 22.87 and a beta of 1.36. Empire State Realty Trust has a 52 week low of $5.91 and a 52 week high of $9.29. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.33 and a current ratio of 4.33.

Empire State Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a $0.035 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 2.4%. Empire State Realty Trust’s dividend payout ratio is currently 53.85%.

Institutional Investors Weigh In On Empire State Realty Trust

Several large investors have recently modified their holdings of ESRT. Aster Capital Management DIFC Ltd bought a new position in shares of Empire State Realty Trust during the 3rd quarter valued at about $29,000. Simplex Trading LLC lifted its stake in Empire State Realty Trust by 869.5% in the second quarter. Simplex Trading LLC now owns 8,260 shares of the real estate investment trust’s stock valued at $66,000 after buying an additional 7,408 shares in the last quarter. CWM LLC increased its position in shares of Empire State Realty Trust by 1,704.7% during the second quarter. CWM LLC now owns 8,121 shares of the real estate investment trust’s stock worth $66,000 after acquiring an additional 7,671 shares in the last quarter. DRW Securities LLC acquired a new stake in shares of Empire State Realty Trust during the fourth quarter worth $69,000. Finally, Vise Technologies Inc. bought a new stake in Empire State Realty Trust in the 4th quarter valued at $71,000. 67.10% of the stock is currently 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.