Citigroup Issues Pessimistic Forecast for Empire State Realty Trust (NYSE:ESRT) Stock Price

Key Points

• Citigroup lowered its price target for Empire State Realty Trust from $5.75 to $5.00 while maintaining a neutral rating, implying only 2.56% upside from the prior close.
• Analyst sentiment remains negative overall: MarketBeat reports a consensus “Sell” rating and an average price target of $5.50, with Wells Fargo also lowering its target and assigning an underweight rating.
• ESRT shares recently traded at $4.88, near their 12-month low of $4.78, after the REIT reported a quarterly loss of $0.15 per share on $165.17 million in revenue.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) had its price objective lowered by Citigroup from $5.75 to $5.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. Citigroup's target price indicates a potential upside of 2.56% from the company's previous close.

A number of other research analysts have also weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Empire State Realty Trust from $6.30 to $6.00 and set an "underweight" rating on the stock in a research note on Monday, June 1st. Evercore set a $5.50 target price on Empire State Realty Trust in a report on Thursday, July 30th. Finally, Weiss Ratings cut shares of Empire State Realty Trust from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Sell" and an average price target of $5.50.

Empire State Realty Trust Price Performance

NYSE ESRT traded down $0.07 during mid-day trading on Wednesday, hitting $4.88. The stock had a trading volume of 1,148,457 shares, compared to its average volume of 1,827,113. The firm's 50 day moving average is $5.45 and its 200 day moving average is $5.64. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.94 and a quick ratio of 1.94. The stock has a market capitalization of $840.60 million, a price-to-earnings ratio of 69.65 and a beta of 1.36. Empire State Realty Trust has a twelve month low of $4.78 and a twelve month high of $8.07.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) last released its earnings results on Wednesday, July 29th. The real estate investment trust reported ($0.15) earnings per share (EPS) for the quarter. The business had revenue of $165.17 million for the quarter. Empire State Realty Trust had a return on equity of 0.40% and a net margin of 0.93%.Empire State Realty Trust has set its FY 2026 guidance at 0.750-0.790 EPS. Equities research analysts forecast that Empire State Realty Trust will post 0.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Empire State Realty Trust

A number of institutional investors and hedge funds have recently made changes to their positions in ESRT. Bank of America Corp DE raised its holdings in Empire State Realty Trust by 64.5% in the first quarter. Bank of America Corp DE now owns 239,604 shares of the real estate investment trust's stock valued at $1,246,000 after acquiring an additional 93,989 shares in the last quarter. Amundi lifted its position in shares of Empire State Realty Trust by 27.5% during the 1st quarter. Amundi now owns 124,698 shares of the real estate investment trust's stock worth $648,000 after purchasing an additional 26,886 shares during the last quarter. Royal Bank of Canada increased its holdings in Empire State Realty Trust by 86.1% in the first quarter. Royal Bank of Canada now owns 11,078 shares of the real estate investment trust's stock valued at $58,000 after buying an additional 5,124 shares during the last quarter. Quantinno Capital Management LP raised its position in shares of Empire State Realty Trust by 150.3% during the 1st quarter. Quantinno Capital Management LP now owns 75,003 shares of the real estate investment trust's stock worth $390,000 after acquiring an additional 45,034 shares in the last quarter. Finally, SummitTX Capital L.P. lifted its position in shares of Empire State Realty Trust by 11.3% during the 1st quarter. SummitTX Capital L.P. now owns 1,434,267 shares of the real estate investment trust's stock worth $7,458,000 after buying an additional 146,070 shares during the last quarter. 67.10% of the stock is owned by institutional investors and hedge funds.

About Empire State Realty Trust

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.

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