StockNews.com Downgrades Empire State Realty Trust (NYSE:ESRT) to Sell

Empire State Realty Trust (NYSE:ESRT) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Saturday.

A number of other equities analysts also recently commented on the company. BMO Capital Markets raised their price objective on Empire State Realty Trust from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Wells Fargo & Company raised their price target on shares of Empire State Realty Trust from $7.00 to $10.00 and gave the company an “underweight” rating in a report on Wednesday, September 11th.

Empire State Realty Trust Stock Performance

Shares of ESRT opened at $10.49 on Friday. Empire State Realty Trust has a 1 year low of $8.31 and a 1 year high of $11.62. The company’s 50 day simple moving average is $10.83 and its 200 day simple moving average is $10.09. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of 38.85 and a beta of 1.40. The company has a debt-to-equity ratio of 1.24, a quick ratio of 4.05 and a current ratio of 4.05.

Empire State Realty Trust (NYSE:ESRT) last released its earnings results on Monday, October 21st. The real estate investment trust reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.16). The business had revenue of $199.60 million for the quarter. Empire State Realty Trust had a return on equity of 2.74% and a net margin of 6.22%. During the same quarter in the previous year, the business earned $0.25 EPS. On average, sell-side analysts predict that Empire State Realty Trust will post 0.93 EPS for the current year.

Institutional Trading of Empire State Realty Trust

Several institutional investors and hedge funds have recently bought and sold shares of the company. Arizona State Retirement System increased its stake in Empire State Realty Trust by 2.9% during the second quarter. Arizona State Retirement System now owns 38,808 shares of the real estate investment trust’s stock valued at $364,000 after purchasing an additional 1,083 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Empire State Realty Trust by 5.4% during the 2nd quarter. Van ECK Associates Corp now owns 23,718 shares of the real estate investment trust’s stock valued at $222,000 after buying an additional 1,221 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Empire State Realty Trust by 35.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,412 shares of the real estate investment trust’s stock worth $59,000 after acquiring an additional 1,419 shares during the period. Federated Hermes Inc. lifted its holdings in Empire State Realty Trust by 0.4% in the second quarter. Federated Hermes Inc. now owns 343,637 shares of the real estate investment trust’s stock worth $3,223,000 after acquiring an additional 1,428 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in Empire State Realty Trust by 81.6% in the third quarter. Signaturefd LLC now owns 3,391 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 1,524 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.