Empire State Realty Trust (ESRT) Price Target Cut to $20.00 by Analysts at Stifel Nicolaus

Empire State Realty Trust (NYSE:ESRT) had its price objective trimmed by Stifel Nicolaus from $23.00 to $20.00 in a report released on Wednesday morning, Marketbeat reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Several other equities research analysts also recently commented on ESRT. Zacks Investment Research raised shares of Empire State Realty Trust from a sell rating to a hold rating in a report on Monday, February 5th. TheStreet raised shares of Empire State Realty Trust from a c+ rating to a b rating in a report on Tuesday, October 31st. BidaskClub downgraded shares of Empire State Realty Trust from a hold rating to a sell rating in a report on Saturday, October 28th. BMO Capital Markets reaffirmed a buy rating and set a $23.00 price objective on shares of Empire State Realty Trust in a report on Wednesday, November 1st. Finally, Evercore ISI raised shares of Empire State Realty Trust from an in rating to a line rating and set a $23.00 price objective on the stock in a report on Monday, December 4th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. Empire State Realty Trust has an average rating of Hold and an average target price of $22.00.

Shares of Empire State Realty Trust (NYSE:ESRT) opened at $18.38 on Wednesday. The company has a market cap of $2,896.33, a PE ratio of 47.13, a price-to-earnings-growth ratio of 4.49 and a beta of 0.86. Empire State Realty Trust has a fifty-two week low of $17.52 and a fifty-two week high of $21.98. The company has a current ratio of 4.93, a quick ratio of 4.93 and a debt-to-equity ratio of 0.80.

In other news, Chairman Anthony E. Malkin sold 1,243,163 shares of the stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $20.45, for a total value of $25,422,683.35. Following the sale, the chairman now directly owns 156,416 shares of the company’s stock, valued at $3,198,707.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 11.80% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its holdings in shares of Empire State Realty Trust by 9.4% in the second quarter. The Manufacturers Life Insurance Company now owns 5,571 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 479 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Empire State Realty Trust in the third quarter worth about $153,000. Advisor Group Inc. lifted its holdings in shares of Empire State Realty Trust by 22.1% in the second quarter. Advisor Group Inc. now owns 8,344 shares of the real estate investment trust’s stock worth $173,000 after buying an additional 1,510 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Empire State Realty Trust by 32.9% in the third quarter. Advisors Asset Management Inc. now owns 11,399 shares of the real estate investment trust’s stock worth $234,000 after buying an additional 2,821 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Empire State Realty Trust by 72.3% in the third quarter. SG Americas Securities LLC now owns 12,300 shares of the real estate investment trust’s stock worth $253,000 after buying an additional 5,163 shares in the last quarter. 82.62% of the stock is currently owned by hedge funds and other institutional investors.

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About Empire State Realty Trust

Empire State Realty Trust, Inc is a real estate investment trust. The Company owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building. The Company operates through two segments: Real Estate and Observatory.

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