Centersquare Investment Management LLC Boosts Stock Position in Empire State Realty Trust, Inc. (NYSE:ESRT)

Key Points

• Centersquare Investment Management LLC significantly increased its investment in Empire State Realty Trust, raising its holdings by 6,189.6% to approximately $21.94 million by acquiring over 2.7 million shares in the first quarter.
• Wall Street analysts are cautious about Empire State Realty Trust, with Wells Fargo lowering its price target from $11.00 to $8.30 and recommending an "underweight" rating.
• The company recently declared a quarterly dividend of $0.035 per share, resulting in an annualized yield of 1.9%, while maintaining a dividend payout ratio of 58.33%.

Centersquare Investment Management LLC increased its stake in Empire State Realty Trust, Inc. (NYSE:ESRT - Free Report) by 6,189.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,805,998 shares of the real estate investment trust's stock after purchasing an additional 2,761,385 shares during the quarter. Centersquare Investment Management LLC owned about 1.67% of Empire State Realty Trust worth $21,943,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. GF Fund Management CO. LTD. purchased a new position in Empire State Realty Trust during the fourth quarter worth about $26,000. Sterling Capital Management LLC grew its position 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 buying an additional 3,828 shares in the last quarter. State of Wyoming purchased a new position in Empire State Realty Trust during the fourth quarter worth about $54,000. 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 in the last quarter. Finally, Pinney & Scofield Inc. purchased a new position in Empire State Realty Trust during the fourth quarter worth about $103,000. 67.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ESRT has been the subject of several recent analyst reports. Wells Fargo & Company reduced their target price 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. Wall Street Zen cut Empire State Realty Trust from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Citigroup restated a "neutral" rating on shares of Empire State Realty Trust in a research report on Friday, April 11th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $10.43.

Empire State Realty Trust Trading Down 2.5%

Shares of NYSE ESRT traded down $0.19 during midday trading on Friday, reaching $7.20. The company had a trading volume of 1,359,594 shares, compared to its average volume of 2,016,046. Empire State Realty Trust, Inc. has a one year low of $6.56 and a one year high of $11.62. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 1.15. The firm's fifty day moving average price is $7.97 and its 200-day moving average price is $8.05. The stock has a market cap of $1.21 billion, a PE ratio of 29.98 and a beta of 1.70.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) last released its earnings results on Wednesday, July 23rd. The real estate investment trust reported $0.22 earnings per share for the quarter. The company had revenue of $153.54 million during the quarter. Empire State Realty Trust had a return on equity of 2.46% and a net margin of 5.67%. On average, equities research analysts anticipate that Empire State Realty Trust, Inc. will post 0.88 earnings per share for the current year.

Empire State Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.035 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.14 dividend on an annualized basis and a yield of 1.9%. Empire State Realty Trust's dividend payout ratio is presently 58.33%.

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.