The Manufacturers Life Insurance Company Trims Position in Empire State Realty Trust, Inc. (NYSE:ESRT)

The Manufacturers Life Insurance Company trimmed its position in Empire State Realty Trust, Inc. (NYSE:ESRT) by 2.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,753 shares of the real estate investment trust’s stock after selling 1,390 shares during the period. The Manufacturers Life Insurance Company’s holdings in Empire State Realty Trust were worth $773,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC lifted its holdings in shares of Empire State Realty Trust by 81.6% during the third quarter. Signaturefd LLC now owns 3,391 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 1,524 shares in the last quarter. Loomis Sayles & Co. L P lifted its holdings in Empire State Realty Trust by 3,139.1% in the third quarter. Loomis Sayles & Co. L P now owns 4,470 shares of the real estate investment trust’s stock valued at $50,000 after acquiring an additional 4,332 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Empire State Realty Trust by 35.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,412 shares of the real estate investment trust’s stock valued at $59,000 after acquiring an additional 1,419 shares during the period. Ballentine Partners LLC purchased a new stake in Empire State Realty Trust in the third quarter worth about $129,000. Finally, Creative Planning increased its position in Empire State Realty Trust by 20.5% in the third quarter. Creative Planning now owns 12,598 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 2,145 shares in the last quarter. 67.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Wells Fargo & Company increased their target price on Empire State Realty Trust from $7.00 to $10.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 11th. StockNews.com cut Empire State Realty Trust from a “hold” rating to a “sell” rating in a report on Saturday, November 2nd. Finally, BMO Capital Markets raised their price objective on Empire State Realty Trust from $12.00 to $13.00 and gave the company an “outperform” rating in a research note on Friday, November 15th.

Empire State Realty Trust Price Performance

Shares of ESRT stock opened at $11.23 on Friday. The stock has a 50 day moving average price of $10.96 and a 200 day moving average price of $10.42. The firm has a market capitalization of $1.87 billion, a P/E ratio of 41.59 and a beta of 1.40. Empire State Realty Trust, Inc. has a 52-week low of $8.78 and a 52-week high of $11.62. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.72 and a current ratio of 3.72.

Empire State Realty Trust (NYSE:ESRT) last released its quarterly earnings data on Monday, October 21st. The real estate investment trust reported $0.08 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.16). The firm had revenue of $199.60 million for the quarter. Empire State Realty Trust had a return on equity of 2.73% and a net margin of 6.22%. During the same quarter in the prior year, the firm earned $0.25 EPS. As a group, sell-side analysts predict that Empire State Realty Trust, Inc. will post 0.93 earnings per share for the current year.

Empire State Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a dividend of $0.035 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.14 annualized dividend and a yield of 1.25%. Empire State Realty Trust’s payout ratio is currently 51.85%.

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.