Jefferies Financial Group Initiates Coverage on SL Green Realty (NYSE:SLG)

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

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company decreased their price target on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Scotiabank decreased their target price on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research note on Friday, February 28th. Compass Point boosted their price target on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Evercore ISI raised SL Green Realty from an “in-line” rating to an “outperform” rating and decreased their price objective for the stock from $74.00 to $73.00 in a research report on Monday. Finally, Bank of America dropped their target price on 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 investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $69.87.

SL Green Realty Stock Up 1.5 %

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

SL Green Realty (NYSE:SLG) last released 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%. Analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

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

Insider Activity

In related news, Director Craig M. Hatkoff sold 3,455 shares of the business’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 owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 5.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new stake in shares of SL Green Realty in the 3rd quarter worth approximately $35,000. Jones Financial Companies Lllp acquired a new stake in SL Green Realty in the fourth quarter valued at $39,000. Quadrant Capital Group LLC increased its position in shares of SL Green Realty by 37.4% in 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 in the last quarter. Versant Capital Management Inc raised its stake in shares of SL Green Realty by 17.7% during the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 157 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of SL Green Realty in the 4th quarter worth about $75,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.