Empire State Realty Trust, Inc. $ESRT Stock Position Raised by Lasalle Investment Management Securities LLC

Key Points

• Lasalle Investment Management Securities LLC boosted its Empire State Realty Trust stake by 64% in Q1, buying an additional 3.53 million shares and bringing its total to 9.06 million shares, or about 5.29% of the company.
• Institutional ownership remains high, with hedge funds and other investors holding 67.10% of ESRT shares; several other firms also increased or initiated positions during recent quarters.
• ESRT shares were down 1.7% and recently traded at $5.43, while analysts remain cautious with an average Sell rating and a consensus price target of $5.92.

Lasalle Investment Management Securities LLC increased its stake in Empire State Realty Trust, Inc. (NYSE:ESRT - Free Report) by 64.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,058,860 shares of the real estate investment trust's stock after acquiring an additional 3,534,376 shares during the quarter. Empire State Realty Trust makes up 1.9% of Lasalle Investment Management Securities LLC's holdings, making the stock its 21st largest holding. Lasalle Investment Management Securities LLC owned about 5.29% of Empire State Realty Trust worth $47,106,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Ameriprise Financial Inc. lifted its holdings in shares of Empire State Realty Trust by 10.7% during the third quarter. Ameriprise Financial Inc. now owns 11,934,145 shares of the real estate investment trust's stock valued at $91,318,000 after purchasing an additional 1,153,446 shares during the last quarter. Cohen & Steers Inc. raised its holdings in Empire State Realty Trust by 456.9% during the 4th quarter. Cohen & Steers Inc. now owns 11,128,303 shares of the real estate investment trust's stock worth $72,557,000 after buying an additional 9,129,959 shares during the period. Resolution Capital Ltd acquired a new stake in Empire State Realty Trust during the 2nd quarter worth about $43,706,000. Sumitomo Mitsui Trust Group Inc. lifted 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 valued at $25,509,000 after buying an additional 1,750,544 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Empire State Realty Trust by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,624,982 shares of the real estate investment trust's stock valued at $23,639,000 after buying an additional 59,899 shares in the last quarter. 67.10% of the stock is owned by institutional investors and hedge funds.

Empire State Realty Trust Stock Down 1.7%

NYSE:ESRT opened at $5.43 on Thursday. The business's fifty day moving average price is $5.48 and its 200 day moving average price is $5.71. The firm has a market capitalization of $937.16 million, a price-to-earnings ratio of 20.90 and a beta of 1.35. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 1.22. Empire State Realty Trust, Inc. has a 1-year low of $4.87 and a 1-year high of $8.07.

Empire State Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders 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 2.6%. Empire State Realty Trust's dividend payout ratio is currently 53.85%.

Wall Street Analyst Weigh In

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

About Empire State Realty Trust

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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