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Thomas P. Durels, Executive Vice President of Real Estate at Empire State Realty Trust, Inc. (NYSE:ESRT), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Durels sold a total of 17,622 shares of Class A common stock over two transactions. The sales come as ESRT, currently valued at $2.19 billion, trades near its 52-week low of $7.88.
On March 21, Durels sold 5,779 shares at an average price of $8.03 per share, amounting to approximately $46,405. A few days later, on March 24, he sold an additional 11,843 shares at an average price of $8.02 per share, totaling around $94,980. These transactions were conducted during an open window period through secondary market trades, in accordance with Rule 144 under the Securities Act of 1933. InvestingPro data shows the stock has declined nearly 28% over the past six months, despite maintaining strong liquidity with a current ratio of 3.73.
Following these sales, Durels retains ownership of 44,185 shares in Empire State Realty Trust. The sales were reportedly made for financial planning purposes and represent less than 1% of Durels’s beneficial ownership in the company on a fully diluted basis. Despite recent market pressure, InvestingPro analysis reveals the company remains profitable with earnings per share of $0.29 over the last twelve months. Get comprehensive insights and 6 additional ProTips for ESRT with an InvestingPro subscription.
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