Empire State Realty Trust (NYSE:ESRT) Shares Cross Below 200 Day Moving Average – Here’s Why

Empire State Realty Trust, Inc. (NYSE:ESRT) crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $5.89 and traded as low as $5.12. Empire State Realty Trust shares last traded at $5.17, with a volume of 1,585,798 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ESRT shares. Wells Fargo & Company decreased their target price on Empire State Realty Trust from $6.30 to $6.00 and set an “underweight” rating for the company in a research report on Monday, June 1st. Evercore set a $6.00 price target on shares of Empire State Realty Trust in a report on Monday, June 8th. Weiss Ratings lowered shares of Empire State Realty Trust from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Finally, Citigroup decreased their price objective on shares of Empire State Realty Trust from $7.00 to $5.75 and set a “neutral” rating for the company in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Sell” and a consensus price target of $5.92.

Empire State Realty Trust Trading Up 0.4%

The stock has a market capitalization of $891.46 million, a PE ratio of 19.89 and a beta of 1.35. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 1.22. The stock has a 50 day moving average price of $5.50 and a 200-day moving average price of $5.89.

Empire State Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.035 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.14 dividend on an annualized basis and a yield of 2.7%. Empire State Realty Trust’s dividend payout ratio is currently 53.85%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ESRT. JPMorgan Chase & Co. increased its holdings in Empire State Realty Trust by 58.2% during the third quarter. JPMorgan Chase & Co. now owns 2,301,395 shares of the real estate investment trust’s stock valued at $17,629,000 after buying an additional 846,505 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Empire State Realty Trust by 204.5% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,155,109 shares of the real estate investment trust’s stock worth $20,571,000 after acquiring an additional 2,118,859 shares during the period. Land & Buildings Investment Management LLC purchased a new position in shares of Empire State Realty Trust during the 3rd quarter worth $7,772,000. Centersquare Investment Management LLC boosted its stake in shares of Empire State Realty Trust by 22.0% during the 3rd quarter. Centersquare Investment Management LLC now owns 3,475,569 shares of the real estate investment trust’s stock worth $26,623,000 after acquiring an additional 627,210 shares during the last quarter. Finally, Lasalle Investment Management Securities LLC bought a new stake in shares of Empire State Realty Trust during the 3rd quarter valued at $11,622,000. 67.10% of the stock is owned by hedge funds and other institutional investors.

About Empire State Realty Trust

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.