5 Best REIT Stocks Under $10

4. Empire State Realty Trust, Inc. (NYSE:ESRT)

Number of Hedge Fund Holders: 14
Share Price as of April 19: $6.34

Empire State Realty Trust, Inc. (NYSE:ESRT) is an American real estate investment trust company that operates a portfolio of office, retail, and multifamily properties. The company currently pays a quarterly dividend of $0.035 per share and has a dividend yield of 2.21%, as of April 19.

In March, BMO Capital upgraded Empire State Realty Trust, Inc. (NYSE:ESRT) to Outperform with a $9 price target. The firm expects the company’s multifamily segment to deliver strong earnings this year.

At the end of December 2022, 14 hedge funds in Insider Monkey’s database reported having stakes in Empire State Realty Trust, Inc. (NYSE:ESRT), the same as in the previous quarter. The collective value of these stakes is over nearly $70 million.

Longleaf Partners Fund mentioned Empire State Realty Trust, Inc. (NYSE:ESRT) in its Q2 2022 investor letter. Here is what the firm has to say:

“Empire State Realty – New York commercial real estate and tourism company Empire State Realty Trust (NYSE:ESRT) also declined with real estate broadly, even though it is not a direct pure play on commercial real estate, given its Observatory business, whose economics are more similar to a Disney World-type theme park. The Observatory will continue to come back as post-COVID travel resumes. CEO Tony Malkin and team are focused on driving value realization by monetizing assets and continuing the share repurchase program.”