SL Green Realty (NYSE:SLG) Price Target Lowered to $55.00 at Citigroup

SL Green Realty (NYSE:SLG) had its price target reduced by Citigroup from $70.00 to $55.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Other research analysts have also recently issued research reports about the stock. Zacks Research cut shares of SL Green Realty from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 13th. Evercore ISI set a $54.00 price target on SL Green Realty and gave the stock an “outperform” rating in a research report on Monday, December 8th. JPMorgan Chase & Co. decreased their price objective on SL Green Realty from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, January 14th. Mizuho lowered their target price on SL Green Realty from $67.00 to $47.00 and set a “neutral” rating on the stock in a research note on Friday, December 12th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and set a $42.00 target price (down from $48.00) on shares of SL Green Realty in a report on Tuesday, December 23rd. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and an average target price of $53.74.

SL Green Realty Trading Up 0.8%

Shares of NYSE:SLG opened at $42.49 on Wednesday. The company has a quick ratio of 3.22, a current ratio of 2.66 and a debt-to-equity ratio of 1.06. SL Green Realty has a 52-week low of $40.26 and a 52-week high of $67.44. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of -26.39 and a beta of 1.63. The business has a 50-day moving average price of $45.83 and a 200-day moving average price of $52.12.

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

SL Green Realty Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were given a dividend of $0.2575 per share. The ex-dividend date was Friday, November 28th. This represents a c) dividend on an annualized basis and a yield of 7.3%. SL Green Realty’s dividend payout ratio is currently -191.93%.

Insider Activity at SL Green Realty

In other news, insider Andrew S. Levine sold 1,493 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $45.27, for a total value of $67,588.11. Following the completion of the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Holliday sold 22,223 shares of the company’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total value of $986,701.20. Following the transaction, the chief executive officer directly owned 9,698 shares of the company’s stock, valued at approximately $430,591.20. The trade was a 69.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quent Capital LLC purchased a new stake in shares of SL Green Realty during the third quarter worth about $27,000. Salomon & Ludwin LLC acquired a new stake in SL Green Realty in the 3rd quarter worth about $29,000. Whittier Trust Co. purchased a new stake in SL Green Realty during the 3rd quarter worth approximately $29,000. Bessemer Group Inc. raised its holdings in shares of SL Green Realty by 67.8% during the second quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 253 shares during the last quarter. Finally, Triumph Capital Management acquired a new position in shares of SL Green Realty during the third quarter valued at approximately $45,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.