SL Green Realty (NYSE:SLG) Price Target Cut to $54.00 by Analysts at Truist Financial

SL Green Realty (NYSE:SLG) had its target price decreased by Truist Financial from $62.00 to $54.00 in a research report sent to investors on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

A number of other research analysts have also recently weighed in on the company. Jefferies Financial Group started coverage on SL Green Realty in a report on Monday, March 17th. They issued a “hold” rating and a $58.00 target price on the stock. Scotiabank reduced their price objective on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Friday, February 28th. Piper Sandler dropped their target price on shares of SL Green Realty from $90.00 to $72.00 and set an “overweight” rating for the company in a research report on Monday. Barclays reduced 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 research report on Tuesday, January 28th. Finally, Bank of America dropped their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $68.13.

SL Green Realty Price Performance

SLG stock opened at $53.64 on Wednesday. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 670.50, a price-to-earnings-growth ratio of 5.30 and a beta of 1.61. 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 52-week low of $45.15 and a 52-week high of $82.81. The stock’s fifty day simple moving average is $57.36 and its 200-day simple moving average is $66.47.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 EPS for the quarter, beating the consensus estimate of $1.27 by $0.13. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. The company had revenue of $144.52 million during the quarter, compared to analysts’ expectations of $158.44 million. Equities research analysts expect that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be given a dividend of $0.2575 per share. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Wednesday, April 30th. SL Green Realty’s payout ratio is currently -735.71%.

Insider Transactions at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was 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 in the company, valued at $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.08% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of SL Green Realty by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock worth $735,594,000 after purchasing an additional 564,822 shares during the period. Geode Capital Management LLC raised its stake in SL Green Realty by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust’s stock worth $119,001,000 after acquiring an additional 110,594 shares during the period. Nuveen Asset Management LLC lifted its holdings in SL Green Realty by 3.0% in the fourth quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust’s stock worth $111,179,000 after acquiring an additional 46,988 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake in SL Green Realty by 30.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,493,208 shares of the real estate investment trust’s stock valued at $101,419,000 after acquiring an additional 347,608 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of SL Green Realty by 79.9% during the fourth quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust’s stock valued at $97,101,000 after purchasing an additional 634,788 shares during the last quarter. 89.96% of the stock is currently owned by 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.