SL Green Realty (NYSE:SLG) Price Target Cut to $61.00 by Analysts at Scotiabank

SL Green Realty (NYSE:SLG) had its price target cut by Scotiabank from $66.00 to $61.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

Several other research analysts have also issued reports on SLG. Piper Sandler cut their price target on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, January 5th. Deutsche Bank Aktiengesellschaft set a $45.00 target price on SL Green Realty in a research report on Tuesday, January 6th. JPMorgan Chase & Co. cut their target price on SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday. UBS Group set a $61.00 price target on shares of SL Green Realty in a research note on Wednesday. Finally, Barclays set a $54.00 price target on shares of SL Green Realty in a research note on Tuesday. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $55.94.

SL Green Realty Trading Down 1.4%

NYSE:SLG opened at $48.06 on Wednesday. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 4,811.21 and a beta of 1.60. The firm has a fifty day simple moving average of $46.35 and a two-hundred day simple moving average of $53.87. SL Green Realty has a 12 month low of $40.26 and a 12 month high of $68.14.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.24. The firm had revenue of $244.82 million for the quarter, compared to analyst estimates of $170.27 million. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.26 earnings per share. Analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were issued a dividend of $0.2575 per share. The ex-dividend date was Friday, November 28th. This represents a c) annualized dividend and a yield of 6.4%. SL Green Realty’s dividend payout ratio is 30,900.00%.

Insider Buying and Selling at SL Green Realty

In other news, CEO Marc Holliday sold 22,223 shares of the stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total value of $986,701.20. Following the completion of the sale, the chief executive officer owned 9,698 shares in the company, valued at $430,591.20. This represents a 69.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew S. Levine sold 1,493 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.27, for a total transaction of $67,588.11. Following the transaction, the insider directly owned 7,045 shares in the company, valued at $318,927.15. The trade was a 17.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SL Green Realty

A number of institutional investors have recently added to or reduced their stakes in SLG. AQR Capital Management LLC boosted its stake in shares of SL Green Realty by 74.8% in the 1st quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock worth $1,519,000 after buying an additional 11,506 shares during the last quarter. United Services Automobile Association bought a new stake in SL Green Realty during the first quarter worth $253,000. Empowered Funds LLC boosted its position in SL Green Realty by 10.9% in the first quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock worth $425,000 after purchasing an additional 722 shares during the last quarter. Strs Ohio bought a new position in SL Green Realty in the 1st quarter valued at $1,593,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in SL Green Realty in the 2nd quarter valued at $225,000. 89.96% of the stock is owned by institutional investors.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.