Allianz Asset Management GmbH Takes $610,000 Position in Empire State Realty Trust, Inc. (NYSE:ESRT)

Key Points

• Allianz Asset Management GmbH invested approximately $610,000 in Empire State Realty Trust by purchasing 78,019 shares during the first quarter, according to recent SEC filings.
• Empire State Realty Trust's stock is currently trading at $7.15, down by 1.2%, with a market capitalization of $1.20 billion and a 1-year price range between $6.56 and $11.62.
• The company recently declared a quarterly dividend of $0.035, equating to a 2.0% yield, with a payout ratio of 58.33%.

Allianz Asset Management GmbH bought a new position in shares of Empire State Realty Trust, Inc. (NYSE:ESRT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 78,019 shares of the real estate investment trust's stock, valued at approximately $610,000.

Several other hedge funds have also made changes to their positions in the business. Summit Investment Advisors Inc. grew its position in Empire State Realty Trust by 8.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 14,263 shares of the real estate investment trust's stock worth $147,000 after buying an additional 1,131 shares during the period. MetLife Investment Management LLC boosted its stake in shares of Empire State Realty Trust by 2.3% during the 4th quarter. MetLife Investment Management LLC now owns 83,357 shares of the real estate investment trust's stock worth $860,000 after acquiring an additional 1,855 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Empire State Realty Trust in the 4th quarter worth approximately $26,000. SG Americas Securities LLC raised its holdings in Empire State Realty Trust by 6.9% during the first quarter. SG Americas Securities LLC now owns 42,372 shares of the real estate investment trust's stock worth $331,000 after purchasing an additional 2,736 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Empire State Realty Trust by 11.4% during the fourth quarter. BNP Paribas Financial Markets now owns 31,627 shares of the real estate investment trust's stock worth $326,000 after purchasing an additional 3,236 shares during the last quarter. Institutional investors and hedge funds own 67.10% of the company's stock.

Empire State Realty Trust Trading Down 0.3%

Shares of NYSE ESRT traded down $0.03 on Tuesday, reaching $7.20. 604,095 shares of the company traded hands, compared to its average volume of 1,589,368. The stock has a market capitalization of $1.21 billion, a PE ratio of 29.98 and a beta of 1.70. Empire State Realty Trust, Inc. has a fifty-two week low of $6.56 and a fifty-two week high of $11.62. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 1.15. The company has a 50 day moving average of $8.00 and a 200 day moving average of $8.10.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $0.22 EPS for the quarter. The firm had revenue of $153.54 million during the quarter. Empire State Realty Trust had a net margin of 5.67% and a return on equity of 2.46%. On average, equities research analysts forecast 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 company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, June 13th. Empire State Realty Trust's dividend payout ratio (DPR) is 58.33%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wall Street Zen downgraded Empire State Realty Trust from a "hold" rating to a "sell" rating in a research note on Monday, May 19th. Wells Fargo & Company cut their target price on shares of 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. Finally, Citigroup reaffirmed a "neutral" rating on shares of Empire State Realty Trust in a report on Friday, April 11th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $10.43.

Empire State Realty Trust 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.