Empire State Realty Trust (NYSE:ESRT) PT Raised to $6.00

Empire State Realty Trust (NYSE:ESRT – Get Rating) had its price objective raised by equities researchers at Wells Fargo & Company from $5.00 to $6.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “underweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 0.99% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. BMO Capital Markets raised Empire State Realty Trust from a “market perform” rating to an “outperform” rating and set a $9.00 price target for the company in a research note on Friday, March 3rd. Citigroup increased their price target on Empire State Realty Trust from $7.25 to $7.50 and gave the company a “neutral” rating in a research note on Wednesday, March 1st. StockNews.com began coverage on Empire State Realty Trust in a research note on Thursday. They issued a “hold” rating for the company. Bank of America raised Empire State Realty Trust from a “neutral” rating to a “buy” rating and set a $9.25 price target for the company in a research note on Wednesday, March 1st. Finally, TheStreet raised Empire State Realty Trust from a “d+” rating to a “c” rating in a research note on Wednesday, February 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Empire State Realty Trust currently has an average rating of “Hold” and an average target price of $8.35.

Empire State Realty Trust Price Performance

Shares of ESRT opened at $6.06 on Thursday. Empire State Realty Trust has a 12-month low of $6.04 and a 12-month high of $10.06. The business has a 50-day simple moving average of $7.61 and a two-hundred day simple moving average of $7.24. The company has a quick ratio of 7.17, a current ratio of 7.17 and a debt-to-equity ratio of 1.33. The stock has a market cap of $978.21 million, a PE ratio of 27.55, a PEG ratio of 2.58 and a beta of 1.19.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ESRT. Credit Suisse AG boosted its holdings in Empire State Realty Trust by 20.5% in the second quarter. Credit Suisse AG now owns 9,497,948 shares of the real estate investment trust’s stock worth $66,770,000 after acquiring an additional 1,618,452 shares in the last quarter. Norges Bank bought a new position in Empire State Realty Trust in the fourth quarter worth approximately $9,268,000. Balyasny Asset Management LLC boosted its holdings in Empire State Realty Trust by 711.3% in the third quarter. Balyasny Asset Management LLC now owns 1,416,134 shares of the real estate investment trust’s stock worth $9,290,000 after acquiring an additional 1,241,584 shares in the last quarter. State Street Corp lifted its holdings in shares of Empire State Realty Trust by 15.5% in the first quarter. State Street Corp now owns 7,256,222 shares of the real estate investment trust’s stock valued at $71,256,000 after purchasing an additional 974,740 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Empire State Realty Trust by 30.4% in the first quarter. Bank of America Corp DE now owns 1,664,413 shares of the real estate investment trust’s stock valued at $16,344,000 after purchasing an additional 387,609 shares in the last quarter. Institutional investors own 76.81% of the company’s stock.

About Empire State Realty Trust

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Empire State Realty Trust, Inc is a real estate investment trust, which engages in owning, managing, acquiring, and repositioning office and retail properties. It operates through the Real Estate and Observatory segments. The Real Estate segment includes ownership, management, operation, acquisition, repositioning, and disposition of real estate assets.