Thomas P. Durels, Executive Vice President of Real Estate at Empire State Realty Trust, Inc. (NYSE:NYSE:ESRT), has sold 10,000 shares of the company's Class A Common Stock. The transaction, which took place on December 24, 2024, occurred during an open window period and was conducted through secondary market trades under Rule 144 of the Securities Act of 1933. The shares were sold at a weighted average price of $10.10, resulting in a total sale value of $101,000. The sale comes as ESRT, with a market capitalization of $2.8 billion, trades near its 52-week high of $11.62. According to InvestingPro data, the stock currently trades at a P/E ratio of 36.75, suggesting a premium valuation.
Following the sale, Durels retains ownership of 86,807 shares. According to a footnote in the filing, this transaction was made for financial planning purposes and represents less than 1% of Durels's beneficial ownership of Empire State Realty Trust on a fully diluted basis. InvestingPro analysis shows the company maintains strong financial health with a current ratio of 5.42 and has remained profitable over the last twelve months. Subscribers can access the comprehensive Pro Research Report for deeper insights into ESRT's valuation and financial metrics.
In other recent news, Empire State Realty Trust has reported robust Q3 2024 results, exceeding consensus expectations with a Funds From Operations (FFO) of $69 million, or $0.26 per share. The company has also raised its 2024 core FFO guidance to $0.93 per share, reflecting a strong financial performance. Furthermore, Empire State Realty Trust has made amendments to executive employment agreements, extending the non-competition restrictive covenant of its CEO, Anthony Malkin, and entering into a new agreement with Christina Chiu, the President of the company.
BMO Capital Markets has maintained an Outperform rating on Empire State Realty Trust's stock and increased the price target to $13.00, expressing confidence in the company's strategy. The company is also progressing with the acquisition of retail assets in Williamsburg, Brooklyn, with a 90% leased rate and a projected yield of over 6% by 2027.
These are recent developments that reflect Empire State Realty Trust's commitment to aligning executive compensation with the long-term interests of its stakeholders and its strategic approach to acquisitions. The company has demonstrated solid operational performance with 4.19% revenue growth over the last twelve months and maintains excellent liquidity with a current ratio of 5.42. The company has no debt maturing until December 2026, indicating a positive trajectory for Empire State Realty Trust.
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