SL Green Realty (NYSE:SLG) Price Target Lowered to $45.00 at Citigroup

SL Green Realty (NYSE:SLG) had its price objective trimmed by Citigroup from $55.00 to $45.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the stock. Barclays cut their price target on shares of SL Green Realty from $54.00 to $43.00 and set an “equal weight” rating for the company in a research note on Thursday, February 26th. Evercore set a $54.00 price objective on shares of SL Green Realty and gave the stock an “outperform” rating in a research note on Monday, December 8th. BMO Capital Markets dropped their target price on shares of SL Green Realty from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 8th. Piper Sandler reduced their price target on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, January 5th. Finally, JPMorgan Chase & Co. lowered their price target on SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 14th. Eight analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, SL Green Realty has an average rating of “Hold” and an average target price of $52.30.

SL Green Realty Stock Down 2.2%

NYSE:SLG opened at $37.94 on Tuesday. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of -23.56 and a beta of 1.66. SL Green Realty has a twelve month low of $35.03 and a twelve month high of $66.91. The stock’s 50 day moving average price is $41.21 and its two-hundred day moving average price is $47.86. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 1.05.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, beating the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The company had revenue of $159.82 million during the quarter, compared to the consensus estimate of $162.73 million. During the same quarter in the prior year, the firm posted $1.81 EPS. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts expect that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a $0.6175 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $2.47 annualized dividend and a yield of 6.5%. SL Green Realty’s payout ratio is -144.10%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of SL Green Realty by 74.8% in the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock valued at $1,519,000 after acquiring an additional 11,506 shares during the period. United Services Automobile Association bought a new position in SL Green Realty during the first quarter worth about $253,000. Empowered Funds LLC raised its stake in SL Green Realty by 10.9% in the 1st 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 in the last quarter. Creative Planning acquired a new stake in SL Green Realty in the 2nd quarter worth about $421,000. Finally, Entropy Technologies LP bought a new stake in SL Green Realty in the 2nd quarter valued at about $337,000. Institutional investors own 89.96% of the company’s stock.

About SL Green Realty

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.