Empire State Realty Trust, Inc. $ESRT Shares Acquired by Bessemer Group Inc.

Key Points

• Bessemer Group Inc. increased its stake in Empire State Realty Trust by 56.1% in the first quarter, buying an additional 255,804 shares and bringing its total holding to 712,061 shares worth about $3.7 million.
• Several other institutional investors also boosted positions in ESRT, and hedge funds and institutions now own 67.10% of the company’s shares.
• Analysts remain cautious on the stock: the consensus rating is “Sell” with a target price of $5.92, while ESRT recently traded around $5.54 and paid a quarterly dividend yielding about 2.5% annually.

Bessemer Group Inc. raised its position in Empire State Realty Trust, Inc. (NYSE:ESRT - Free Report) by 56.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 712,061 shares of the real estate investment trust's stock after buying an additional 255,804 shares during the period. Bessemer Group Inc. owned about 0.42% of Empire State Realty Trust worth $3,703,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Empire State Realty Trust by 40.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 62,970 shares of the real estate investment trust's stock valued at $327,000 after acquiring an additional 18,158 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in Empire State Realty Trust during the first quarter worth approximately $60,000. Hsbc Holdings PLC lifted its position in Empire State Realty Trust by 9.7% during the first quarter. Hsbc Holdings PLC now owns 266,447 shares of the real estate investment trust's stock worth $1,386,000 after buying an additional 23,495 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Empire State Realty Trust by 55.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,905,653 shares of the real estate investment trust's stock worth $25,509,000 after buying an additional 1,750,544 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. grew its holdings in Empire State Realty Trust by 9.5% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 62,921 shares of the real estate investment trust's stock valued at $321,000 after buying an additional 5,443 shares in the last quarter. Hedge funds and other institutional investors own 67.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Weiss Ratings lowered Empire State Realty Trust from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 11th. 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 on the stock in a research note on Monday, June 1st. Citigroup decreased their target price 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. Finally, Evercore set a $6.00 price target on shares of Empire State Realty Trust in a 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 company. According to data from MarketBeat, Empire State Realty Trust currently has a consensus rating of "Sell" and a consensus target price of $5.92.

Empire State Realty Trust Trading Down 1.1%

ESRT opened at $5.54 on Wednesday. Empire State Realty Trust, Inc. has a 52 week low of $4.87 and a 52 week high of $8.07. 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 business has a fifty day simple moving average of $5.48 and a 200-day simple moving average of $5.72. The firm has a market cap of $954.92 million, a P/E ratio of 21.30 and a beta of 1.35.

Empire State Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.035 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 2.5%. Empire State Realty Trust's payout ratio is 53.85%.

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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