Empire State Realty Trust (NYSE:ESRT) Share Price Crosses Below 200-Day Moving Average – Here’s What Happened

Empire State Realty Trust, Inc. (NYSE:ESRT)’s share price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.82 and traded as low as $5.43. Empire State Realty Trust shares last traded at $5.5050, with a volume of 1,954,508 shares.

Wall Street Analyst Weigh In

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

Empire State Realty Trust Trading Up 1.8%

The stock has a fifty day moving average of $5.48 and a 200-day moving average of $5.82. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.94 and a current ratio of 1.94. The company has a market cap of $949.23 million, a PE ratio of 21.17 and a beta of 1.35.

Empire State Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, June 15th. Empire State Realty Trust’s payout ratio is currently 53.85%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ESRT. Ameriprise Financial Inc. boosted its position in Empire State Realty Trust by 10.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 11,934,145 shares of the real estate investment trust’s stock valued at $91,318,000 after buying an additional 1,153,446 shares during the period. Cohen & Steers Inc. increased its position in shares of Empire State Realty Trust by 456.9% during the fourth quarter. Cohen & Steers Inc. now owns 11,128,303 shares of the real estate investment trust’s stock worth $72,557,000 after acquiring an additional 9,129,959 shares during the period. Lasalle Investment Management Securities LLC raised its stake in shares of Empire State Realty Trust by 64.0% during the first quarter. Lasalle Investment Management Securities LLC now owns 9,058,860 shares of the real estate investment trust’s stock valued at $47,106,000 after acquiring an additional 3,534,376 shares in the last quarter. Resolution Capital Ltd bought a new stake in shares of Empire State Realty Trust during the second quarter valued at approximately $43,706,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Empire State Realty Trust by 55.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,905,653 shares of the real estate investment trust’s stock valued at $25,509,000 after purchasing an additional 1,750,544 shares during the period. Hedge funds and other institutional investors own 67.10% of the company’s stock.

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.