Wells Fargo & Company Issues Pessimistic Forecast for Empire State Realty Trust (NYSE:ESRT) Stock Price

Empire State Realty Trust (NYSE:ESRT) had its price target cut by analysts at Wells Fargo & Company from $11.00 to $8.30 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “underweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 8.43% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. StockNews.com upgraded shares of Empire State Realty Trust from a “sell” rating to a “hold” rating in a report on Thursday, April 3rd. Wolfe Research upgraded Empire State Realty Trust from a “peer perform” rating to an “outperform” rating and set a $10.00 price objective for the company in a research note on Tuesday, March 25th. Finally, Citigroup reissued a “neutral” rating on shares of Empire State Realty Trust in a research note on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $10.43.

Empire State Realty Trust Trading Down 2.0%

ESRT stock traded down $0.16 on Monday, reaching $7.66. The company’s stock had a trading volume of 41,256 shares, compared to its average volume of 1,235,127. The firm has a market cap of $1.29 billion, a PE ratio of 27.33 and a beta of 1.60. The business has a fifty day simple moving average of $7.49 and a two-hundred day simple moving average of $9.11. Empire State Realty Trust has a 12-month low of $6.56 and a 12-month high of $11.62. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.72 and a current ratio of 3.72.

Empire State Realty Trust (NYSE:ESRT) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $0.19 earnings per share for the quarter. The firm had revenue of $154.54 million for the quarter. Empire State Realty Trust had a return on equity of 2.84% and a net margin of 6.45%. As a group, research analysts forecast that Empire State Realty Trust will post 0.88 EPS for the current year.

Insiders Place Their Bets

In other Empire State Realty Trust news, EVP Thomas P. Durels sold 11,843 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $8.02, for a total transaction of $94,980.86. Following the completion of the sale, the executive vice president now directly owns 44,185 shares in the company, valued at $354,363.70. The trade was a 21.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders sold 30,122 shares of company stock valued at $242,761. 14.60% of the stock is owned by insiders.

Institutional Trading of Empire State Realty Trust

Several large investors have recently added to or reduced their stakes in ESRT. Wolverine Asset Management LLC raised its holdings in Empire State Realty Trust by 143.8% in the 4th quarter. Wolverine Asset Management LLC now owns 262,689 shares of the real estate investment trust’s stock worth $2,711,000 after purchasing an additional 154,920 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Empire State Realty Trust by 5.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,709,524 shares of the real estate investment trust’s stock valued at $17,642,000 after acquiring an additional 93,539 shares during the period. Centersquare Investment Management LLC bought a new stake in Empire State Realty Trust during the 4th quarter worth approximately $460,000. Vanguard Group Inc. lifted its holdings in Empire State Realty Trust by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 19,844,999 shares of the real estate investment trust’s stock valued at $204,800,000 after purchasing an additional 461,421 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its position in shares of Empire State Realty Trust by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 3,720,315 shares of the real estate investment trust’s stock worth $38,394,000 after purchasing an additional 90,758 shares during the period. 67.10% of the stock is currently owned by institutional investors.

Empire State Realty Trust Company Profile

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.