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

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 traded.

Analysts Set New Price Targets

A number of brokerages have commented on ESRT. Citigroup reaffirmed a "neutral" rating on shares of Empire State Realty Trust in a research report on Friday, April 11th. Wall Street Zen lowered Empire State Realty Trust from a "hold" rating to a "sell" rating in a research note on Monday, May 19th. Wolfe Research upgraded Empire State Realty Trust from a "peer perform" rating to an "outperform" rating and set a $10.00 price objective for the company in a research note on Tuesday, March 25th. Finally, Wells Fargo & Company dropped their price target on Empire State Realty Trust from $11.00 to $8.30 and set an "underweight" rating for the company in a research report on Monday, May 19th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $10.43.

Empire State Realty Trust Stock Down 1.6%

The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 30.61 and a beta of 1.67. The business has a fifty day moving average of $7.52 and a 200 day moving average of $8.72. 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 released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $0.19 EPS for the quarter. Empire State Realty Trust had a return on equity of 2.84% and a net margin of 6.45%. The firm had revenue of $154.54 million for the quarter. As a group, equities analysts predict that Empire State Realty Trust, Inc. will post 0.88 earnings per share for the current year.

Empire State Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend is Friday, June 13th. Empire State Realty Trust's dividend payout ratio (DPR) is 46.67%.

Insiders Place Their Bets

In other news, EVP Thomas P. Durels sold 11,843 shares of the 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 sale, the executive vice president now directly owns 44,185 shares in the company, valued at approximately $354,363.70. This trade represents a 21.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 30,122 shares of company stock worth $242,761 over the last ninety days. Corporate insiders own 14.60% of the company's stock.

Institutional Trading of Empire State Realty Trust

Several hedge funds have recently modified their holdings of the stock. Summit Investment Advisors Inc. raised its stake in Empire State Realty Trust by 8.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 14,263 shares of the real estate investment trust's stock valued at $147,000 after buying an additional 1,131 shares in the last quarter. Amundi grew its holdings in shares of Empire State Realty Trust by 2.0% during the first quarter. Amundi now owns 78,614 shares of the real estate investment trust's stock worth $585,000 after purchasing an additional 1,562 shares during the last quarter. Aberdeen Group plc grew its holdings in shares of Empire State Realty Trust by 4.2% during the first quarter. Aberdeen Group plc now owns 41,276 shares of the real estate investment trust's stock worth $323,000 after buying an additional 1,672 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Empire State Realty Trust by 2.7% during the fourth quarter. State of Alaska Department of Revenue now owns 65,276 shares of the real estate investment trust's stock worth $672,000 after buying an additional 1,722 shares during the last quarter. Finally, US Bancorp DE grew its holdings in shares of 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 last quarter. 67.10% of the stock is currently 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.