SL Green Realty (NYSE:SLG) Price Target Cut to $76.00 by Analysts at Barclays

SL Green Realty (NYSE:SLG) had its target price trimmed by Barclays from $78.00 to $76.00 in a report published on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th. Evercore ISI upped their price objective on shares of SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. BMO Capital Markets restated an “outperform” rating and set a $87.00 price objective (up previously from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Piper Sandler reaffirmed an “overweight” rating and set a $90.00 price target (up from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Finally, Morgan Stanley upped their price target on shares of SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $69.38.

SL Green Realty Stock Down 4.8 %

SLG stock opened at $64.15 on Tuesday. The company has a fifty day moving average price of $70.55 and a 200 day moving average price of $69.38. SL Green Realty has a 12 month low of $41.88 and a 12 month high of $82.81. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 801.91, a price-to-earnings-growth ratio of 5.53 and a beta of 1.82. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, topping 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 0.11%. Sell-side analysts expect that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, February 18th. Investors of record on Friday, January 31st will be paid a $0.2575 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.09 dividend on an annualized basis and a yield of 4.82%. SL Green Realty’s payout ratio is 3,862.50%.

Insiders Place Their Bets

In other SL Green Realty 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 transaction of $229,066.50. Following the sale, the director now directly owns 2,052 shares of the company’s stock, valued at $136,047.60. This trade represents a 62.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SL Green Realty

Hedge funds have recently modified their holdings of the company. FMR LLC boosted its stake in shares of SL Green Realty by 69.1% during the 3rd quarter. FMR LLC now owns 58,185 shares of the real estate investment trust’s stock worth $4,050,000 after purchasing an additional 23,780 shares during the last quarter. Weiss Asset Management LP purchased a new position in shares of SL Green Realty during the 3rd quarter worth about $771,000. Citigroup Inc. lifted its holdings in shares of SL Green Realty by 54.6% during the 3rd quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust’s stock worth $5,958,000 after acquiring an additional 30,220 shares during the period. Kestra Investment Management LLC purchased a new position in shares of SL Green Realty during the 3rd quarter worth about $876,000. Finally, Franklin Resources Inc. purchased a new position in shares of SL Green Realty during the 3rd quarter worth about $621,000. 89.96% of the stock is owned by institutional investors and hedge funds.

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.