SL Green Realty (NYSE:SLG) Sets New 1-Year High After Analyst Upgrade

SL Green Realty Corp. (NYSE:SLG) hit a new 52-week high during mid-day trading on Thursday after Morgan Stanley raised their price target on the stock from $41.00 to $47.00. Morgan Stanley currently has an equal weight rating on the stock. SL Green Realty traded as high as $55.75 and last traded at $54.84, with a volume of 399221 shares changing hands. The stock had previously closed at $53.74.

SLG has been the topic of several other reports. The Goldman Sachs Group boosted their price target on shares of SL Green Realty from $30.00 to $36.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. StockNews.com raised shares of SL Green Realty to a “sell” rating in a research report on Saturday, February 3rd. Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $35.00 to $48.00 in a research report on Wednesday. Evercore ISI cut shares of SL Green Realty from an “in-line” rating to an “underperform” rating and set a $44.00 price objective for the company. in a research note on Monday, March 18th. Finally, Truist Financial cut shares of SL Green Realty from a “buy” rating to a “hold” rating and boosted their price target for the stock from $44.00 to $47.00 in a research note on Tuesday, January 16th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $46.09.

Insider Transactions at SL Green Realty

In other news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Betsy S. Atkins sold 9,894 shares of the firm’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the sale, the director now directly owns 6,886 shares in the company, valued at approximately $325,363.50. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Trust Co. NA acquired a new position in shares of SL Green Realty in the fourth quarter valued at approximately $33,000. Financial Gravity Asset Management Inc. grew its holdings in SL Green Realty by 3,073.3% during the third quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 922 shares during the period. Rockefeller Capital Management L.P. grew its holdings in SL Green Realty by 92.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 747 shares during the period. Advisory Services Network LLC acquired a new stake in SL Green Realty in the fourth quarter valued at $95,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in SL Green Realty in the third quarter valued at $88,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Price Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 2.23 and a quick ratio of 2.23. The company has a 50-day moving average price of $47.75 and a 200-day moving average price of $41.65. The firm has a market capitalization of $3.55 billion, a PE ratio of -6.07, a P/E/G ratio of 1.70 and a beta of 1.70.

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $3.00 annualized dividend and a dividend yield of 5.48%. SL Green Realty’s dividend payout ratio is currently -33.00%.

SL Green Realty Company Profile

3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.