SL Green Realty (NYSE:SLG) Price Target Cut to $50.00 by Analysts at Piper Sandler

SL Green Realty (NYSE:SLG) had its target price trimmed by Piper Sandler from $60.00 to $50.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

A number of other research analysts have also weighed in on the stock. Zacks Research raised shares of SL Green Realty from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 25th. Raymond James Financial set a $44.00 price objective on SL Green Realty in a research note on Tuesday, February 3rd. Truist Financial set a $44.00 price objective on SL Green Realty in a research report on Tuesday, February 3rd. Evercore set a $54.00 target price on SL Green Realty and gave the company an “outperform” rating in a research note on Monday, December 8th. Finally, The Goldman Sachs Group set a $37.00 target price on SL Green Realty and gave the company a “sell” rating in a report on Friday, February 6th. Eight investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $51.45.

SL Green Realty Trading Down 1.0%

NYSE:SLG opened at $36.56 on Wednesday. SL Green Realty has a 12 month low of $34.77 and a 12 month high of $66.91. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of -22.71 and a beta of 1.60. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 1.05. The company’s 50 day moving average is $39.82 and its 200-day moving average is $46.89.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share (EPS) 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 business had revenue of $159.82 million during the quarter, compared to the consensus estimate of $162.73 million. During the same period in the prior year, the firm earned $1.81 EPS. SL Green Realty’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.6175 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $2.47 dividend on an annualized basis and a dividend yield of 6.8%. SL Green Realty’s dividend payout ratio is currently -153.42%.

Institutional Investors Weigh In On SL Green Realty

A number of institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in shares of SL Green Realty by 12.7% during the third quarter. JPMorgan Chase & Co. now owns 727,906 shares of the real estate investment trust’s stock valued at $43,536,000 after purchasing an additional 81,910 shares during the period. Y Intercept Hong Kong Ltd lifted its position in SL Green Realty by 282.5% in the third quarter. Y Intercept Hong Kong Ltd now owns 52,986 shares of the real estate investment trust’s stock worth $3,169,000 after purchasing an additional 39,135 shares during the period. Picton Mahoney Asset Management lifted its position in SL Green Realty by 218.2% in the third quarter. Picton Mahoney Asset Management now owns 239,012 shares of the real estate investment trust’s stock worth $14,296,000 after purchasing an additional 163,903 shares during the period. American Century Companies Inc. acquired a new stake in SL Green Realty during the second quarter worth $12,841,000. Finally, Strs Ohio boosted its stake in SL Green Realty by 78.6% during the third quarter. Strs Ohio now owns 138,800 shares of the real estate investment trust’s stock worth $8,302,000 after buying an additional 61,100 shares in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

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.