Empire State Realty Trust (NYSE:ESRT) Stock Rating Upgraded by Wolfe Research

Empire State Realty Trust (NYSE:ESRT) was upgraded by equities research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report released on Tuesday, Marketbeat reports. The brokerage presently has a $10.00 price objective on the real estate investment trust’s stock. Wolfe Research’s target price points to a potential upside of 24.46% from the stock’s current price.

Separately, StockNews.com downgraded Empire State Realty Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, March 19th.

Empire State Realty Trust Stock Performance

Shares of ESRT opened at $8.04 on Tuesday. Empire State Realty Trust has a 1 year low of $7.88 and a 1 year high of $11.62. The company’s 50 day simple moving average is $8.94 and its 200 day simple moving average is $10.09. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 28.70 and a beta of 1.39. 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 issued its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.19. Empire State Realty Trust had a return on equity of 2.84% and a net margin of 6.45%. The company had revenue of $155.13 million during the quarter, compared to the consensus estimate of $192.62 million. On average, sell-side analysts predict that Empire State Realty Trust will post 0.88 EPS for the current year.

Insider Activity

In other news, EVP Thomas P. Durels sold 5,779 shares of the business’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $8.03, for a total transaction of $46,405.37. Following the completion of the sale, the executive vice president now owns 56,028 shares in the company, valued at approximately $449,904.84. The trade was a 9.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 30,122 shares of company stock valued at $242,761 in the last ninety days. Company insiders own 13.95% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Employees Retirement System of Texas increased its position in shares of Empire State Realty Trust by 81.6% in the fourth quarter. Employees Retirement System of Texas now owns 512,000 shares of the real estate investment trust’s stock worth $5,284,000 after acquiring an additional 230,000 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in Empire State Realty Trust during the 4th quarter worth $26,000. Pinney & Scofield Inc. acquired a new stake in Empire State Realty Trust in the 4th quarter valued at $103,000. Two Sigma Advisers LP raised its position in Empire State Realty Trust by 604.8% in the fourth quarter. Two Sigma Advisers LP now owns 132,500 shares of the real estate investment trust’s stock valued at $1,367,000 after purchasing an additional 113,700 shares during the period. Finally, Two Sigma Investments LP lifted its stake in shares of Empire State Realty Trust by 650.7% during the fourth quarter. Two Sigma Investments LP now owns 185,596 shares of the real estate investment trust’s stock worth $1,915,000 after purchasing an additional 160,872 shares in the last quarter. Hedge funds and other institutional investors 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.