SL Green Realty (NYSE:SLG) Given New $75.00 Price Target at Scotiabank

SL Green Realty (NYSE:SLG) had its target price reduced by Scotiabank from $81.00 to $75.00 in a research note released on Friday,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

A number of other research analysts have also recently weighed in on SLG. Jefferies Financial Group reduced their price target on shares of SL Green Realty from $75.00 to $69.00 and set a “hold” rating on the stock in a research report on Thursday, January 2nd. Wells Fargo & Company reduced their target price on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Mizuho boosted their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th. Finally, Compass Point boosted their target price on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $70.67.

SL Green Realty Trading Up 0.1 %

Shares of SLG stock opened at $64.65 on Friday. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 808.06, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. SL Green Realty has a fifty-two week low of $46.83 and a fifty-two week high of $82.81. The firm’s 50 day moving average price is $65.63 and its two-hundred day moving average price is $69.64.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. On average, analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a $0.2575 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $3.09 annualized dividend and a yield of 4.78%. SL Green Realty’s dividend payout ratio is presently 3,862.50%.

Insider Activity at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.08% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. bought a new stake in SL Green Realty in the fourth quarter valued at $80,000. Public Employees Retirement System of Ohio lifted its position in SL Green Realty by 8.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 100,068 shares of the real estate investment trust’s stock valued at $6,797,000 after purchasing an additional 7,566 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in SL Green Realty during the 4th quarter valued at about $75,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in SL Green Realty by 6.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 473,801 shares of the real estate investment trust’s stock valued at $32,181,000 after purchasing an additional 27,631 shares during the period. Finally, Zimmer Partners LP bought a new position in SL Green Realty in the 4th quarter worth about $11,192,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

About SL Green Realty

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.