Sumitomo Mitsui Trust Group Inc. Boosts Stock Holdings in Empire State Realty Trust, Inc. $ESRT

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Empire State Realty Trust by 55.5% in the first quarter, buying 1.75 million additional shares and ending with 4.91 million shares worth about $25.5 million.
• Empire State Realty Trust shares were up 2.3% to $5.55, with the stock trading near its 52-week low of $4.87 and below its 52-week high of $8.27.
• The company paid a quarterly dividend of $0.035 per share, and analysts currently have a Sell consensus rating with a price target of $5.92.

Sumitomo Mitsui Trust Group Inc. raised its stake in Empire State Realty Trust, Inc. (NYSE:ESRT - Free Report) by 55.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,905,653 shares of the real estate investment trust's stock after purchasing an additional 1,750,544 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 2.86% of Empire State Realty Trust worth $25,509,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in ESRT. DRW Securities LLC purchased a new position in shares of Empire State Realty Trust in the 4th quarter worth $69,000. Vise Technologies Inc. purchased a new stake in Empire State Realty Trust during the fourth quarter valued at about $71,000. Federation des caisses Desjardins du Quebec grew its position in Empire State Realty Trust by 29.1% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 11,180 shares of the real estate investment trust's stock valued at $73,000 after acquiring an additional 2,523 shares during the period. Raymond James Financial Inc. acquired a new stake in Empire State Realty Trust during the second quarter worth about $74,000. Finally, Schroder Investment Management Group purchased a new position in shares of Empire State Realty Trust in the 4th quarter worth about $91,000. 67.10% of the stock is owned by hedge funds and other institutional investors.

Empire State Realty Trust Stock Up 2.3%

NYSE ESRT opened at $5.55 on Tuesday. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 1.22. Empire State Realty Trust, Inc. has a fifty-two week low of $4.87 and a fifty-two week high of $8.27. The business has a 50 day moving average price of $5.48 and a two-hundred day moving average price of $5.75. The stock has a market cap of $957.85 million, a PE ratio of 21.37 and a beta of 1.35.

Empire State Realty Trust Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Evercore set a $6.00 target price on Empire State Realty Trust in a report on Monday, June 8th. Citigroup reduced their price target on shares of 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. Weiss Ratings downgraded shares of Empire State Realty Trust from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, May 11th. Finally, Wells Fargo & Company decreased their price objective on shares of Empire State Realty Trust from $6.30 to $6.00 and set an "underweight" rating for the company in a research note on Monday, June 1st. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Sell" and a consensus 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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