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

Key Points

• Wall Street Zen downgraded Empire State Realty Trust to “sell” from “hold,” while the broader analyst consensus is also “sell,” with an average price target of $5.50.
• ESRT shares opened at $4.82, near their one-year low of $4.61, and have declined relative to their 50-day and 200-day moving averages of $5.25 and $5.49, respectively.
• The REIT reported a quarterly loss of $0.15 per share on $196.9 million in revenue; institutional investors own 67.1% of the stock, with several major funds recently increasing their positions.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

ESRT has been the topic of several other reports. Wells Fargo & Company reduced their price objective on Empire State Realty Trust from $6.30 to $6.00 and set an "underweight" rating on the stock in a research report on Monday, June 1st. Weiss Ratings reiterated a "sell (d)" rating on shares of Empire State Realty Trust in a research report on Friday, August 7th. Evercore set a $5.50 target price on shares of Empire State Realty Trust in a research note on Thursday, July 30th. Finally, Citigroup reduced their target price on shares of Empire State Realty Trust from $5.75 to $5.00 and set a "neutral" rating on the stock in a report on Wednesday, August 5th. One investment 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 stock has a consensus rating of "Sell" and an average price target of $5.50.

Empire State Realty Trust Trading Up 0.6%

Shares of ESRT opened at $4.82 on Friday. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.32 and a quick ratio of 1.32. Empire State Realty Trust has a 1-year low of $4.61 and a 1-year high of $8.07. The stock has a market cap of $834.49 million, a price-to-earnings ratio of 68.87 and a beta of 1.36. The firm has a 50 day simple moving average of $5.25 and a 200-day simple moving average of $5.49.

Empire State Realty Trust (NYSE:ESRT - Get Free Report) last posted its earnings results on Wednesday, July 29th. The real estate investment trust reported ($0.15) earnings per share (EPS) for the quarter. The company had revenue of $196.90 million during the quarter. Empire State Realty Trust had a net margin of 0.93% and a return on equity of 0.40%. Empire State Realty Trust has set its FY 2026 guidance at 0.750-0.790 EPS. Equities analysts forecast that Empire State Realty Trust will post 0.77 EPS for the current fiscal year.

Institutional Trading of Empire State Realty Trust

A number of hedge funds have recently added to or reduced their stakes in ESRT. Cohen & Steers Inc. grew its holdings in Empire State Realty Trust by 456.9% in the 4th quarter. Cohen & Steers Inc. now owns 11,128,303 shares of the real estate investment trust's stock valued at $72,557,000 after buying an additional 9,129,959 shares during the period. Resolution Capital Ltd purchased a new position in shares of Empire State Realty Trust during the 2nd quarter worth about $43,706,000. Lasalle Investment Management Securities LLC boosted its position in shares of Empire State Realty Trust by 264.1% in the fourth quarter. Lasalle Investment Management Securities LLC now owns 5,524,484 shares of the real estate investment trust's stock worth $36,020,000 after acquiring an additional 4,007,189 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Empire State Realty Trust by 137.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,105,313 shares of the real estate investment trust's stock worth $24,284,000 after acquiring an additional 1,798,850 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Empire State Realty Trust by 55.5% in 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 acquiring an additional 1,750,544 shares during the last quarter. 67.10% of the stock is owned by institutional investors and hedge funds.

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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