Scotiabank Has Lowered Expectations for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its price objective reduced by Scotiabank from $81.00 to $75.00 in a research report released on Friday morning,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Several other analysts have also commented on the stock. Jefferies Financial Group cut their target price on shares of SL Green Realty from $75.00 to $69.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. JPMorgan Chase & Co. upgraded SL Green Realty from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Compass Point increased 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. Mizuho increased their price target on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Finally, Wells Fargo & Company decreased their price target on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $70.67.

SL Green Realty Stock Performance

Shares of SLG opened at $64.65 on Friday. The firm has a market capitalization of $4.26 billion, a PE ratio of 808.06, a P/E/G ratio of 5.30 and a beta of 1.82. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. The firm has a 50-day moving average price of $65.63 and a 200 day moving average price of $69.64. SL Green Realty has a 52-week low of $46.83 and a 52-week high of $82.81.

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 (EPS) for the quarter, beating the consensus estimate 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%. On average, sell-side analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a $0.2575 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $3.09 annualized dividend and a yield of 4.78%. SL Green Realty’s payout ratio is 3,862.50%.

Insider Buying and Selling at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction 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 completion of the sale, the director now owns 2,052 shares in the company, valued at $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 5.08% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Institutional investors and hedge funds have recently made changes to their positions in the company. Venturi Wealth Management LLC raised 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 worth $26,000 after acquiring an additional 272 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of SL Green Realty during the third quarter worth $35,000. Jones Financial Companies Lllp bought a new stake in shares of SL Green Realty during the fourth quarter worth $39,000. Quadrant Capital Group LLC raised 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 worth $52,000 after acquiring an additional 208 shares during the last quarter. Finally, Blue Trust Inc. raised its position in shares of SL Green Realty by 363.2% during the third quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock worth $56,000 after acquiring an additional 632 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

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.