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

Empire State Realty Trust, Inc. (NYSE:ESRT)’s share price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $6.17 and traded as low as $5.40. Empire State Realty Trust shares last traded at $5.4450, with a volume of 1,537,217 shares.

Analyst Upgrades and Downgrades

ESRT has been the topic of several recent research reports. Citigroup reduced their price target 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. Weiss Ratings lowered Empire State Realty Trust from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Evercore set a $7.00 price target on Empire State Realty Trust in a research report on Wednesday, February 18th. Finally, Wells Fargo & Company reduced their price target on Empire State Realty Trust from $6.80 to $6.30 and set an “underweight” rating on the stock in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell” and a consensus target price of $6.35.

Empire State Realty Trust Stock Performance

The stock has a 50-day simple moving average of $5.34 and a 200-day simple moving average of $6.17. The company has a market capitalization of $938.88 million, a price-to-earnings ratio of 20.94 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.

Empire State Realty Trust (NYSE:ESRT) last announced its earnings results on Tuesday, February 17th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter. Empire State Realty Trust had a return on equity of 2.19% and a net margin of 5.09%.The company had revenue of $199.22 million for the quarter. On average, analysts anticipate that Empire State Realty Trust, Inc. will post 0.87 earnings per share for the current year.

Empire State Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, June 15th. Empire State Realty Trust’s dividend payout ratio is presently 53.85%.

Hedge Funds Weigh In On Empire State Realty Trust

A number of institutional investors have recently made changes to their positions in ESRT. Amundi increased its holdings in shares of Empire State Realty Trust by 2.0% in the 1st quarter. Amundi now owns 78,614 shares of the real estate investment trust’s stock valued at $585,000 after acquiring an additional 1,562 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Empire State Realty Trust by 35.9% in the 1st quarter. AQR Capital Management LLC now owns 26,800 shares of the real estate investment trust’s stock valued at $209,000 after acquiring an additional 7,079 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Empire State Realty Trust by 5.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,552 shares of the real estate investment trust’s stock valued at $638,000 after acquiring an additional 4,535 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Empire State Realty Trust by 137.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,105,313 shares of the real estate investment trust’s stock valued at $24,284,000 after acquiring an additional 1,798,850 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Empire State Realty Trust by 9.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,134,086 shares of the real estate investment trust’s stock valued at $8,869,000 after acquiring an additional 98,148 shares during the last quarter. 67.10% of the stock is owned by institutional investors and hedge funds.

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.