Empire State Realty Trust (NYSE:ESRT) Price Target Raised to $10.00 at Wells Fargo & Company

Empire State Realty Trust (NYSE:ESRT) had its target price hoisted by Wells Fargo & Company from $7.00 to $10.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an underweight rating on the real estate investment trust’s stock.

Several other research firms have also recently weighed in on ESRT. BMO Capital Markets upped their price objective on Empire State Realty Trust from $11.00 to $12.00 and gave the company an outperform rating in a research note on Friday, July 19th. StockNews.com lowered shares of Empire State Realty Trust from a hold rating to a sell rating in a research note on Friday, July 26th.

Empire State Realty Trust Stock Down 0.5 %

ESRT opened at $10.11 on Wednesday. Empire State Realty Trust has a fifty-two week low of $7.25 and a fifty-two week high of $11.20. The firm has a market capitalization of $1.67 billion, a P/E ratio of 33.70, a PEG ratio of 6.20 and a beta of 1.40. The company’s 50-day moving average is $10.34 and its 200 day moving average is $9.77. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.24 and a quick ratio of 3.24.

Empire State Realty Trust (NYSE:ESRT) last posted its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.10 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.14). Empire State Realty Trust had a return on equity of 2.57% and a net margin of 5.89%. The firm had revenue of $189.54 million for the quarter. During the same quarter in the prior year, the company posted $0.26 earnings per share. Research analysts expect that Empire State Realty Trust will post 0.94 earnings per share for the current fiscal year.

Empire State Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 1.38%. The ex-dividend date is Monday, September 16th. Empire State Realty Trust’s dividend payout ratio (DPR) is presently 46.67%.

Hedge Funds Weigh In On Empire State Realty Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its stake in shares of Empire State Realty Trust by 19.3% during the 4th quarter. Wellington Management Group LLP now owns 5,821,372 shares of the real estate investment trust’s stock valued at $56,409,000 after buying an additional 943,593 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Empire State Realty Trust by 8.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,285,543 shares of the real estate investment trust’s stock worth $31,837,000 after acquiring an additional 245,458 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its holdings in shares of Empire State Realty Trust by 36.8% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,467,453 shares of the real estate investment trust’s stock worth $23,910,000 after acquiring an additional 663,159 shares during the period. Vanguard Group Inc. grew its position in shares of Empire State Realty Trust by 0.9% in the first quarter. Vanguard Group Inc. now owns 19,287,935 shares of the real estate investment trust’s stock valued at $195,387,000 after purchasing an additional 175,718 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Empire State Realty Trust by 87.6% during the 4th quarter. Russell Investments Group Ltd. now owns 76,440 shares of the real estate investment trust’s stock valued at $741,000 after purchasing an additional 35,700 shares during the period. 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.