Empire State Realty Trust (NYSE:ESRT) Shares Cross Below 200 Day Moving Average - Here's What Happened

Empire State Realty Trust, Inc. (NYSE:ESRT - Get Free Report) shares crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $8.77 and traded as low as $8.43. Empire State Realty Trust shares last traded at $8.50, with a volume of 1,503,194 shares.

Analyst Upgrades and Downgrades

ESRT has been the subject of several research analyst reports. Citigroup reaffirmed a "neutral" rating on shares of Empire State Realty Trust in a report on Friday, April 11th. Wolfe Research upgraded Empire State Realty Trust from a "peer perform" rating to an "outperform" rating and set a $10.00 target price on the stock in a research report on Tuesday, March 25th. Wells Fargo & Company decreased their price target on Empire State Realty Trust from $11.00 to $8.30 and set an "underweight" rating on the stock in a report on Monday, May 19th. Finally, Wall Street Zen cut Empire State Realty Trust from a "hold" rating to a "sell" rating in a report on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, Empire State Realty Trust presently has a consensus rating of "Hold" and an average target price of $10.43.

Empire State Realty Trust Stock Down 1.6%

The company has a 50-day simple moving average of $7.52 and a 200-day simple moving average of $8.70. The firm has a market cap of $1.44 billion, a PE ratio of 30.61 and a beta of 1.67. The company has a debt-to-equity ratio of 1.23, a current ratio of 3.72 and a quick ratio of 3.72.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter. Empire State Realty Trust had a return on equity of 2.84% and a net margin of 6.45%. The business had revenue of $154.54 million during the quarter. 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 announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.035 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.14 dividend on an annualized basis and a yield of 1.63%. Empire State Realty Trust's dividend payout ratio is currently 46.67%.

Insiders Place Their Bets

In related news, EVP Thomas P. Durels sold 11,843 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $8.02, for a total value of $94,980.86. Following the completion of the transaction, the executive vice president now owns 44,185 shares in the company, valued at $354,363.70. This trade represents a 21.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 30,122 shares of company stock worth $242,761 over the last 90 days. Company insiders own 14.60% of the company's stock.

Institutional Investors Weigh In On Empire State Realty Trust

Several institutional investors have recently bought and sold shares of the company. GF Fund Management CO. LTD. acquired a new stake in Empire State Realty Trust in the 4th quarter valued at approximately $26,000. Quantbot Technologies LP purchased a new position in Empire State Realty Trust during the first quarter worth about $37,000. Sterling Capital Management LLC raised its holdings in Empire State Realty Trust by 819.7% during the fourth quarter. Sterling Capital Management LLC now owns 4,295 shares of the real estate investment trust's stock worth $44,000 after purchasing an additional 3,828 shares in the last quarter. State of Wyoming acquired a new position in Empire State Realty Trust during the fourth quarter worth about $54,000. Finally, US Bancorp DE grew its position in Empire State Realty Trust by 22.4% during the first quarter. US Bancorp DE now owns 9,973 shares of the real estate investment trust's stock worth $78,000 after buying an additional 1,824 shares during the period. 67.10% of the stock is currently owned by institutional investors and hedge funds.

Empire State Realty Trust Company Profile

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.