Bank of America Lowers SL Green Realty (NYSE:SLG) Price Target to $73.00

SL Green Realty (NYSE:SLG) had its target price decreased by Bank of America from $80.00 to $73.00 in a research note issued to investors on Monday morning,Benzinga reports. Bank of America currently has a neutral rating on the real estate investment trust’s stock.

A number of other analysts have also issued reports on the stock. Barclays boosted their target price on shares of SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Compass Point upped their target price on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Jefferies Financial Group reduced their target price on shares of SL Green Realty from $75.00 to $69.00 and set a “hold” rating on the stock in a research report on Thursday, January 2nd. Piper Sandler reiterated an “overweight” rating and issued a $90.00 price target (up previously from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Finally, BMO Capital Markets restated an “outperform” rating and set a $87.00 price objective (up from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $69.38.

SL Green Realty Stock Performance

SL Green Realty stock opened at $63.24 on Monday. SL Green Realty has a 1-year low of $41.88 and a 1-year high of $82.81. The company’s 50-day moving average is $70.28 and its 200 day moving average is $69.40. The firm has a market capitalization of $4.17 billion, a P/E ratio of 790.46, 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 issued its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.11% and a net margin of 2.48%. Research analysts forecast that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st will be given a dividend of $0.2575 per share. This represents a $3.09 annualized dividend and a dividend yield of 4.89%. The ex-dividend date is Friday, January 31st. SL Green Realty’s payout ratio is 3,862.50%.

Insider Transactions at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction 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 transaction, the director now directly 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.08% of the company’s stock.

Institutional Trading of SL Green Realty

A number of institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp raised its stake in SL Green Realty by 7.7% in the fourth quarter. Van ECK Associates Corp now owns 33,150 shares of the real estate investment trust’s stock valued at $2,251,000 after buying an additional 2,362 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of SL Green Realty by 9.3% in the 4th quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the real estate investment trust’s stock valued at $2,323,000 after purchasing an additional 2,900 shares during the last quarter. Empowered Funds LLC acquired a new stake in SL Green Realty in the 4th quarter worth approximately $452,000. Advisors Preferred LLC grew its position in SL Green Realty by 58.2% during the 4th quarter. Advisors Preferred LLC now owns 54,459 shares of the real estate investment trust’s stock worth $3,724,000 after purchasing an additional 20,037 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in SL Green Realty by 28.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,928 shares of the real estate investment trust’s stock valued at $1,014,000 after purchasing an additional 3,285 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.