SL Green Realty (NYSE:SLG) Price Target Cut to $36.00 by Analysts at Morgan Stanley

SL Green Realty (NYSE:SLG) had its target price cut by Morgan Stanley from $43.00 to $36.00 in a research report report published on Tuesday,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Several other brokerages also recently weighed in on SLG. BTIG Research cut their target price on SL Green Realty from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Raymond James Financial set a $44.00 price target on SL Green Realty in a research note on Tuesday, February 3rd. BMO Capital Markets lowered their price target on SL Green Realty from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 8th. Zacks Research upgraded shares of SL Green Realty from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 25th. Finally, Citigroup reduced their price objective on shares of SL Green Realty from $55.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, March 24th. Eight analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and a consensus target price of $51.95.

SL Green Realty Price Performance

NYSE SLG opened at $36.93 on Tuesday. The company has a 50-day moving average price of $40.03 and a two-hundred day moving average price of $46.96. SL Green Realty has a 52 week low of $34.77 and a 52 week high of $66.91. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -22.94 and a beta of 1.66. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 1.05.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $162.73 million. During the same quarter in the previous year, the company posted $1.81 earnings per share. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. Analysts forecast that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a yield of 6.7%. The ex-dividend date is Tuesday, March 31st. SL Green Realty’s dividend payout ratio is -153.42%.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds have recently modified their holdings of SLG. Quent Capital LLC acquired a new stake in shares of SL Green Realty in the third quarter valued at $27,000. Salomon & Ludwin LLC acquired a new position in SL Green Realty during the third quarter worth about $29,000. Whittier Trust Co. bought a new stake in SL Green Realty in the third quarter worth about $29,000. Triumph Capital Management bought a new stake in SL Green Realty in the third quarter worth about $45,000. Finally, Cornerstone Planning Group LLC lifted its holdings in SL Green Realty by 12,114.3% in the 3rd quarter. Cornerstone Planning Group LLC now owns 855 shares of the real estate investment trust’s stock valued at $51,000 after acquiring an additional 848 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.