Wall Street Zen Downgrades Empire State Realty Trust (NYSE:ESRT) to Sell

Key Points

• Wall Street Zen has downgraded Empire State Realty Trust (NYSE:ESRT) from a "hold" rating to a "sell" rating, signaling concerns about the company's future performance.
• Wells Fargo cut its target price on ESRT shares from $11.00 to $8.30, contributing to a general consensus among analysts that remains at a "hold" rating with an average price target of $10.43.
• The company's recent financial results showed an EPS of $0.22 and revenue of $153.54 million, despite facing a net margin of only 5.67%.

Wall Street Zen cut shares of Empire State Realty Trust (NYSE:ESRT - Free Report) from a hold rating to a sell rating in a report issued on Saturday.

A number of other equities analysts have also recently issued reports on ESRT. Wells Fargo & Company reduced their target price on Empire State Realty Trust from $11.00 to $8.30 and set an "underweight" rating on the stock in a report on Monday, May 19th. Citigroup reissued a "neutral" rating on shares of Empire State Realty Trust in a research report on Friday, April 11th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $10.43.

Empire State Realty Trust Stock Performance

Shares of NYSE ESRT traded up $0.10 during trading hours on Friday, hitting $7.31. 890,396 shares of the stock were exchanged, compared to its average volume of 1,599,371. The company has a debt-to-equity ratio of 1.15, a current ratio of 4.03 and a quick ratio of 4.03. The company's 50 day moving average is $7.96 and its 200 day moving average is $8.01. The firm has a market capitalization of $1.23 billion, a P/E ratio of 30.48 and a beta of 1.70. Empire State Realty Trust has a one year low of $6.56 and a one year high of $11.62.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The real estate investment trust reported $0.22 earnings per share for the quarter. Empire State Realty Trust had a net margin of 5.67% and a return on equity of 2.45%. The business had revenue of $153.54 million for the quarter. On average, research analysts expect that Empire State Realty Trust will post 0.88 EPS for the current year.

Empire State Realty Trust Dividend Announcement

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

Institutional Trading of Empire State Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the business. GF Fund Management CO. LTD. purchased a new position in Empire State Realty Trust in the 4th quarter worth about $26,000. Quantbot Technologies LP bought a new stake in Empire State Realty Trust during the 1st quarter valued at approximately $37,000. Sterling Capital Management LLC raised its stake in Empire State Realty Trust by 819.7% during the 4th quarter. Sterling Capital Management LLC now owns 4,295 shares of the real estate investment trust's stock valued at $44,000 after purchasing an additional 3,828 shares during the period. State of Wyoming purchased a new position in Empire State Realty Trust during the 4th quarter valued at approximately $54,000. Finally, CWM LLC grew its holdings in Empire State Realty Trust by 1,704.7% during the 2nd quarter. CWM LLC now owns 8,121 shares of the real estate investment trust's stock valued at $66,000 after buying an additional 7,671 shares in the last quarter. 67.10% of the stock is owned by hedge funds and other institutional investors.

About Empire State Realty Trust

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.