Empire State Realty Trust (NYSE:ESRT) Sees Large Volume Increase - Here's Why

Empire State Realty Trust, Inc. (NYSE:ESRT - Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 2,179,783 shares were traded during mid-day trading, an increase of 82% from the previous session's volume of 1,200,414 shares.The stock last traded at $7.06 and had previously closed at $7.22.

Analysts Set New Price Targets

Several brokerages have commented on ESRT. StockNews.com upgraded shares of Empire State Realty Trust from a "sell" rating to a "hold" rating in a research note on Thursday, April 3rd. Wolfe Research raised Empire State Realty Trust from a "peer perform" rating to an "outperform" rating and set a $10.00 price target on the stock in a report on Tuesday, March 25th. Finally, Citigroup reaffirmed a "neutral" rating on shares of Empire State Realty Trust in a report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Empire State Realty Trust has a consensus rating of "Hold" and a consensus target price of $11.00.

Empire State Realty Trust Stock Performance

The firm's 50-day simple moving average is $7.71 and its two-hundred day simple moving average is $9.35. The stock has a market capitalization of $1.24 billion, a PE ratio of 26.39 and a beta of 1.60. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.23.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter. The firm had revenue of $154.54 million during the quarter. Empire State Realty Trust had a return on equity of 2.84% and a net margin of 6.45%. On average, equities research analysts expect that Empire State Realty Trust, Inc. will post 0.88 earnings per share for the current fiscal year.

Empire State Realty Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date was Friday, March 14th. Empire State Realty Trust's dividend payout ratio (DPR) is presently 46.67%.

Insider Activity at Empire State Realty Trust

In other news, EVP Thomas P. Durels sold 12,500 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $8.11, for a total transaction of $101,375.00. Following the transaction, the executive vice president now owns 74,307 shares in the company, valued at $602,629.77. This represents a 14.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 30,122 shares of company stock valued at $242,761. Insiders own 14.60% of the company's stock.

Hedge Funds Weigh In On Empire State Realty Trust

Hedge funds have recently bought and sold shares of the business. Barclays PLC increased its holdings in shares of Empire State Realty Trust by 133.2% during the 3rd quarter. Barclays PLC now owns 304,539 shares of the real estate investment trust's stock valued at $3,374,000 after acquiring an additional 173,965 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Empire State Realty Trust by 3.3% in the third quarter. Principal Financial Group Inc. now owns 98,013 shares of the real estate investment trust's stock worth $1,086,000 after buying an additional 3,141 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Empire State Realty Trust by 6.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,615,985 shares of the real estate investment trust's stock worth $17,905,000 after buying an additional 98,850 shares during the period. Nordea Investment Management AB grew its stake in Empire State Realty Trust by 5.8% in the 4th quarter. Nordea Investment Management AB now owns 727,158 shares of the real estate investment trust's stock valued at $7,482,000 after buying an additional 40,042 shares during the last quarter. Finally, Ballentine Partners LLC raised its holdings in Empire State Realty Trust by 22.8% in the 4th quarter. Ballentine Partners LLC now owns 14,349 shares of the real estate investment trust's stock worth $148,000 after acquiring an additional 2,668 shares during the period. 67.10% of the stock is owned by institutional investors and hedge funds.

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.