Empire State Realty Trust, Inc. $ESRT Shares Sold by Principal Financial Group Inc.

Key Points

• Principal Financial Group reduced its stake in Empire State Realty Trust by 21.5% in the first quarter, selling 739,272 shares and leaving it with 2,696,708 shares worth about $14.0 million.
• The stock was up 0.8% to $5.47, giving the REIT a market cap of about $944 million; it trades near the lower end of its 52-week range of $4.87 to $8.07.
• Empire State Realty Trust recently paid a quarterly dividend of $0.035 per share (2.6% annualized yield), while analysts remain cautious with a consensus rating of “Sell” and a $5.92 average price target.

Principal Financial Group Inc. cut its holdings in Empire State Realty Trust, Inc. (NYSE:ESRT - Free Report) by 21.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,696,708 shares of the real estate investment trust's stock after selling 739,272 shares during the quarter. Principal Financial Group Inc. owned about 1.57% of Empire State Realty Trust worth $14,023,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Sequoia Financial Advisors LLC acquired a new position in shares of Empire State Realty Trust during the first quarter valued at about $60,000. DRW Securities LLC acquired a new stake in Empire State Realty Trust in the 4th quarter worth approximately $69,000. Vise Technologies Inc. acquired a new stake in Empire State Realty Trust in the 4th quarter worth approximately $71,000. Federation des caisses Desjardins du Quebec grew its position in Empire State Realty Trust by 29.1% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 11,180 shares of the real estate investment trust's stock worth $73,000 after purchasing an additional 2,523 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Empire State Realty Trust during the 2nd quarter worth approximately $74,000. Institutional investors and hedge funds own 67.10% of the company's stock.

Empire State Realty Trust Stock Up 0.8%

NYSE:ESRT opened at $5.47 on Friday. The firm has a market capitalization of $944.05 million, a P/E ratio of 21.06 and a beta of 1.35. Empire State Realty Trust, Inc. has a 1-year low of $4.87 and a 1-year high of $8.07. The company's fifty day moving average price is $5.48 and its 200-day moving average price is $5.70. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.94 and a quick ratio of 1.94.

Empire State Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.035 per share. The ex-dividend date was Monday, June 15th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 2.6%. Empire State Realty Trust's dividend payout ratio (DPR) is presently 53.85%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Empire State Realty Trust from $6.30 to $6.00 and set an "underweight" rating for the company in a report on Monday, June 1st. Weiss Ratings lowered shares of Empire State Realty Trust from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 11th. Citigroup cut their target price on Empire State Realty Trust from $7.00 to $5.75 and set a "neutral" rating on the stock in a research report on Wednesday, April 15th. Finally, Evercore set a $6.00 target price on Empire State Realty Trust in a research note on Monday, June 8th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Sell" and a consensus price target of $5.92.

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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