SL Green Realty (NYSE:SLG) Price Target Lowered to $76.00 at Barclays

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

Other research analysts have also issued research reports about the stock. Morgan Stanley raised their price target on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Compass Point increased their price objective on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Truist Financial increased their price objective on shares of SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a research report on Monday. Bank of America lowered 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. Finally, Evercore ISI increased their price objective on shares of SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. Two investment 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $69.38.

SL Green Realty Trading Down 4.8 %

NYSE SLG opened at $64.15 on Tuesday. SL Green Realty has a one year low of $41.88 and a one year high of $82.81. The company’s 50 day moving average price is $70.55 and its 200 day moving average price is $69.38. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market capitalization of $4.23 billion, a price-to-earnings ratio of 801.91, a PEG ratio of 5.53 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 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 0.11%. On average, sell-side analysts predict that SL Green Realty will post 5.43 EPS 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. Shareholders of record on Friday, January 31st will be issued a $0.2575 dividend. This represents a $3.09 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date is Friday, January 31st. SL Green Realty’s dividend payout ratio is presently 3,862.50%.

Insiders Place Their Bets

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 completion of the transaction, the director now owns 2,052 shares of the company’s stock, valued at $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 SEC, which is available through this link. 5.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC acquired a new position in SL Green Realty in the fourth quarter worth $452,000. Advisors Preferred LLC grew its position in shares of SL Green Realty by 58.2% during the fourth quarter. Advisors Preferred LLC now owns 54,459 shares of the real estate investment trust’s stock worth $3,724,000 after acquiring an additional 20,037 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of SL Green Realty by 28.2% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,928 shares of the real estate investment trust’s stock worth $1,014,000 after acquiring an additional 3,285 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of SL Green Realty by 8.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 76,367 shares of the real estate investment trust’s stock worth $5,187,000 after acquiring an additional 6,158 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in shares of SL Green Realty by 8.7% during the fourth quarter. State of Alaska Department of Revenue now owns 73,919 shares of the real estate investment trust’s stock worth $5,019,000 after acquiring an additional 5,928 shares during the last quarter. Institutional investors and hedge funds 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.