SL Green Realty (NYSE:SLG) Price Target Lowered to $72.00 at Piper Sandler

SL Green Realty (NYSE:SLG) had its price objective lowered by Piper Sandler from $90.00 to $72.00 in a research note published on Monday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the real estate investment trust’s stock.

A number of other research firms also recently commented on SLG. Scotiabank dropped their target price on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 28th. Bank of America dropped their price target on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Barclays decreased their price objective on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Wells Fargo & Company cut their target price on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Finally, Jefferies Financial Group began coverage on shares of SL Green Realty in a research note on Monday, March 17th. They set a “hold” rating and a $58.00 price target for the company. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $68.67.

SL Green Realty Stock Down 4.2 %

SLG stock opened at $50.21 on Monday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. SL Green Realty has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of 627.63, a PEG ratio of 5.30 and a beta of 1.61. The company’s 50 day moving average price is $57.81 and its 200 day moving average price is $66.65.

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

SL Green Realty Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be paid a $0.2575 dividend. This represents a $1.03 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Wednesday, April 30th. SL Green Realty’s dividend payout ratio (DPR) is -735.71%.

Insiders Place Their Bets

In other news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was 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 in the company, valued at $136,047.60. This trade 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 the SEC website. 5.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SL Green Realty

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of SL Green Realty by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock valued at $735,594,000 after purchasing an additional 564,822 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of SL Green Realty by 6.7% in 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 last quarter. Nuveen Asset Management LLC lifted its position in shares of 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 valued at $111,179,000 after acquiring an additional 46,988 shares in the last quarter. Alyeska Investment Group L.P. boosted its stake in shares of SL Green Realty by 30.3% during 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 last quarter. Finally, Northern Trust Corp increased its position in SL Green Realty by 79.9% during the 4th quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust’s stock worth $97,101,000 after purchasing an additional 634,788 shares in the last quarter. 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.