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

SL Green Realty (NYSE:SLG) had its price target cut by Barclays from $78.00 to $76.00 in a report released on Tuesday,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Several other brokerages have also issued reports on SLG. JPMorgan Chase & Co. upgraded SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. BMO Capital Markets restated an “outperform” rating and set a $87.00 target price (up previously from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Truist Financial boosted their price target on SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a report on Monday. Evercore ISI boosted their price target on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Finally, 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. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $70.67.

SL Green Realty Trading Up 5.1 %

Shares of NYSE SLG opened at $66.44 on Tuesday. The business’s 50 day moving average is $69.99 and its two-hundred day moving average is $69.35. 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 has a 1-year low of $41.88 and a 1-year high of $82.81. The stock has a market capitalization of $4.38 billion, a P/E ratio of 830.49, a PEG ratio of 5.53 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last announced its earnings results 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 negative return on equity of 0.11% and a net margin of 2.48%. As a group, research analysts expect that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Friday, January 31st will be given a dividend of $0.2575 per share. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date of this dividend is Friday, January 31st. SL Green Realty’s payout ratio is presently 3,862.50%.

Insider Transactions at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the company’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 transaction, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.08% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

A number of large investors have recently made changes to their positions in SLG. Rosenberg Matthew Hamilton increased its position in shares of SL Green Realty by 6.6% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock valued at $161,000 after acquiring an additional 144 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of SL Green Realty by 4.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 3,769 shares of the real estate investment trust’s stock valued at $262,000 after acquiring an additional 148 shares during the period. Versant Capital Management Inc increased its position in shares of SL Green Realty by 17.7% in the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 157 shares during the period. MML Investors Services LLC increased its position in shares of SL Green Realty by 2.7% in the 3rd quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 161 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of SL Green Realty by 5.1% in the 4th quarter. GAMMA Investing LLC now owns 4,192 shares of the real estate investment trust’s stock valued at $285,000 after acquiring an additional 203 shares during the period. 89.96% of the stock is owned by institutional investors and hedge funds.

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.