SL Green Realty (NYSE:SLG) Price Target Raised to $55.00

SL Green Realty (NYSE:SLG) had its price target lifted by Morgan Stanley from $52.00 to $55.00 in a research note released on Wednesday,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

A number of other research firms have also recently weighed in on SLG. Scotiabank cut their price objective on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 28th. Wells Fargo & Company cut their price objective 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 price objective on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Finally, Barclays cut their price target on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $71.00.

SL Green Realty Trading Up 2.0 %

Shares of SLG opened at $56.67 on Wednesday. The company’s fifty day moving average is $63.99 and its 200 day moving average is $69.33. SL Green Realty has a fifty-two week low of $47.22 and a fifty-two week high of $82.81. The stock has a market capitalization of $4.04 billion, a PE ratio of 708.40, a P/E/G ratio of 5.30 and a beta of 1.82. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data 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%. Sell-side analysts expect that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a $0.2575 dividend. This represents a $3.09 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date is Friday, February 28th. SL Green Realty’s dividend payout ratio (DPR) is presently 3,862.50%.

Insider Buying and Selling

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

Institutional Trading of SL Green Realty

Several hedge funds have recently modified their holdings of SLG. Venturi Wealth Management LLC lifted its position in shares of SL Green Realty by 272.0% during the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 272 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of SL Green Realty during the third quarter valued at about $35,000. Jones Financial Companies Lllp purchased a new stake in shares of SL Green Realty during the fourth quarter valued at about $39,000. Quadrant Capital Group LLC lifted its position in shares of SL Green Realty by 37.4% during the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 208 shares during the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of SL Green Realty by 17.7% during the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 157 shares during the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.