Empire State Realty Trust (NYSE:ESRT) Share Price Passes Below 200-Day Moving Average - Should You Sell?

Key Points

• Empire State Realty Trust shares fell below their 200-day moving average, trading as low as $5.36 before last changing hands at $5.425. The move comes with the stock under pressure from a technically weak trend.
• Analyst sentiment remains negative, with the consensus rating at “Sell” and a consensus price target of $5.92. Recent updates included lower price targets from Citigroup and Wells Fargo, along with a downgrade from Weiss Ratings.
• The company still pays a dividend and has solid institutional ownership, offering a quarterly payout of $0.035 per share and a 2.6% annualized yield. Institutional investors own about 67.1% of the stock, and several funds increased their positions in the latest quarter.

Shares of Empire State Realty Trust, Inc. (NYSE:ESRT - Get Free Report) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $5.77 and traded as low as $5.36. Empire State Realty Trust shares last traded at $5.4250, with a volume of 1,014,411 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently commented on ESRT shares. Weiss Ratings lowered shares of Empire State Realty Trust from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 11th. Citigroup dropped their price objective on shares of Empire State Realty Trust from $7.00 to $5.75 and set a "neutral" rating on the stock in a report on Wednesday, April 15th. Wells Fargo & Company reduced their target price on shares of Empire State Realty Trust from $6.30 to $6.00 and set an "underweight" rating for the company in a report on Monday, June 1st. Finally, Evercore set a $6.00 price target on shares of Empire State Realty Trust in a research report on Monday, June 8th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Sell" and a consensus price target of $5.92.

Empire State Realty Trust Price Performance

The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 1.22. The firm has a market cap of $935.43 million, a PE ratio of 20.87 and a beta of 1.35. The firm's fifty day simple moving average is $5.48 and its two-hundred day simple moving average is $5.77.

Empire State Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.035 per share. The ex-dividend date was Monday, June 15th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 2.6%. Empire State Realty Trust's payout ratio is 53.85%.

Institutional Investors Weigh In On Empire State Realty Trust

Institutional investors and hedge funds have recently bought and sold shares of the business. Amundi lifted its position in shares of Empire State Realty Trust by 2.0% in the first quarter. Amundi now owns 78,614 shares of the real estate investment trust's stock valued at $585,000 after acquiring an additional 1,562 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Empire State Realty Trust by 35.9% during the first quarter. AQR Capital Management LLC now owns 26,800 shares of the real estate investment trust's stock worth $209,000 after purchasing an additional 7,079 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Empire State Realty Trust by 5.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,552 shares of the real estate investment trust's stock valued at $638,000 after purchasing an additional 4,535 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Empire State Realty Trust by 137.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,105,313 shares of the real estate investment trust's stock worth $24,284,000 after purchasing an additional 1,798,850 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Empire State Realty Trust by 9.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,134,086 shares of the real estate investment trust's stock worth $8,869,000 after purchasing an additional 98,148 shares in the last quarter. 67.10% of the stock is owned by institutional investors.

Empire State Realty Trust Company Profile

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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