Empire State Realty OP (NYSE:ESBA) Shares Down 2.3% – Should You Sell?

Empire State Realty OP, L.P. (NYSE:ESBA)’s stock price dropped 2.3% during mid-day trading on Thursday . The stock traded as low as $4.78 and last traded at $5.2950. Approximately 16,910 shares traded hands during mid-day trading, an increase of 85% from the average daily volume of 9,118 shares. The stock had previously closed at $5.42.

Empire State Realty OP Price Performance

The firm has a 50 day simple moving average of $5.39 and a 200-day simple moving average of $5.88.

Empire State Realty OP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.035 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.14 annualized dividend and a yield of 2.6%.

Institutional Trading of Empire State Realty OP

Several institutional investors and hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. raised its stake in Empire State Realty OP by 7,049.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,502,442 shares of the company’s stock valued at $15,765,000 after buying an additional 2,467,442 shares during the period. Susquehanna International Group LLP raised its stake in Empire State Realty OP by 16.5% in the third quarter. Susquehanna International Group LLP now owns 112,754 shares of the company’s stock valued at $839,000 after buying an additional 15,972 shares during the period. Sequoia Financial Advisors LLC bought a new stake in Empire State Realty OP in the fourth quarter valued at approximately $535,000. Vectors Research Management LLC bought a new stake in Empire State Realty OP in the first quarter valued at approximately $364,000. Finally, Mercer Global Advisors Inc. ADV raised its stake in Empire State Realty OP by 31.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 38,000 shares of the company’s stock valued at $244,000 after buying an additional 9,000 shares during the period.

About Empire State Realty OP

Empire State Realty OP is the operating partnership affiliated with Empire State Realty Trust, a real estate investment trust focused on ownership, operation and redevelopment of office and retail properties. Through its portfolio, the company generates income primarily by leasing space in landmark and Class A office buildings, managing tenant relationships and overseeing property operations, maintenance and marketing efforts.

The partnership’s flagship asset is the iconic Empire State Building in New York City, a 102?story office tower and major tourist attraction.