SL Green Realty (NYSE:SLG) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group initiated coverage on shares of SL Green Realty (NYSE:SLG) in a research report report published on Monday morning, MarketBeat reports. The brokerage issued a hold rating and a $58.00 price objective on the real estate investment trust’s stock.

Several other research firms also recently weighed in on SLG. Morgan Stanley raised their price target on shares of SL Green Realty from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 12th. Compass Point boosted their target price on SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $51.00 to $80.00 in a research note on Tuesday, December 10th. Barclays cut their price objective on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Finally, Bank of America reduced their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $69.87.

SL Green Realty Trading Up 1.5 %

SLG stock opened at $58.68 on Monday. The business’s 50-day moving average is $63.54 and its 200 day moving average is $69.17. SL Green Realty has a 12-month low of $47.22 and a 12-month high of $82.81. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 733.50, a PEG ratio of 5.30 and a beta of 1.82. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90.

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

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a dividend of $0.2575 per share. This represents a $3.09 dividend on an annualized basis and a dividend yield of 5.27%. The ex-dividend date of this dividend was Friday, February 28th. SL Green Realty’s dividend payout ratio is currently 3,862.50%.

Insider Activity at SL Green Realty

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now owns 2,052 shares of the company’s stock, valued at $136,047.60. This trade represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SL Green Realty

Large investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its position in shares of SL Green Realty by 50.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock worth $202,777,000 after purchasing an additional 977,321 shares during the last quarter. Norges Bank purchased a new stake in SL Green Realty during the 4th quarter worth about $48,050,000. Northern Trust Corp boosted its position in shares of SL Green Realty by 79.9% during the 4th quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust’s stock worth $97,101,000 after acquiring an additional 634,788 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of SL Green Realty by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock valued at $735,594,000 after acquiring an additional 564,822 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $29,000,000. 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.