Morgan Stanley Boosts SL Green Realty (NYSE:SLG) Price Target to $47.00

SL Green Realty (NYSE:SLGFree Report) had its price objective upped by Morgan Stanley from $41.00 to $47.00 in a report issued on Thursday, Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

SLG has been the subject of a number of other research reports. Evercore ISI downgraded SL Green Realty from an in-line rating to an underperform rating and set a $44.00 price target for the company. in a research note on Monday, March 18th. TheStreet upgraded SL Green Realty from a d+ rating to a c- rating in a research report on Wednesday, January 10th. BMO Capital Markets lifted their target price on SL Green Realty from $34.00 to $44.00 and gave the company a market perform rating in a research report on Tuesday, December 5th. Truist Financial cut SL Green Realty from a buy rating to a hold rating and lifted their target price for the company from $44.00 to $47.00 in a research report on Tuesday, January 16th. Finally, Barclays upgraded SL Green Realty from an underweight rating to an equal weight rating and lifted their target price for the company from $35.00 to $48.00 in a research report on Wednesday. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, SL Green Realty presently has an average rating of Hold and an average price target of $46.09.

Read Our Latest Stock Report on SL Green Realty

SL Green Realty Stock Up 2.6 %

SLG stock opened at $55.13 on Thursday. The company has a market cap of $3.57 billion, a PE ratio of -6.06, a price-to-earnings-growth ratio of 1.85 and a beta of 1.70. The business has a 50-day simple moving average of $48.20 and a 200 day simple moving average of $41.85. SL Green Realty has a 52 week low of $20.51 and a 52 week high of $55.75. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.93.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 5.44%. The ex-dividend date of this dividend is Wednesday, March 27th. SL Green Realty’s payout ratio is presently -33.00%.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the transaction, the director now directly owns 6,886 shares of the company’s stock, valued at $325,363.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the transaction, the director now directly owns 6,886 shares of the company’s stock, valued at $325,363.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently modified their holdings of the company. Wellington Management Group LLP purchased a new stake in SL Green Realty in the 3rd quarter valued at $38,666,000. Cyndeo Wealth Partners LLC bought a new position in SL Green Realty in the 4th quarter valued at $4,593,000. Charles Schwab Investment Management Inc. grew its stake in SL Green Realty by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 994,094 shares of the real estate investment trust’s stock valued at $37,080,000 after purchasing an additional 26,465 shares during the period. DekaBank Deutsche Girozentrale grew its stake in SL Green Realty by 893.8% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 52,959 shares of the real estate investment trust’s stock valued at $1,926,000 after purchasing an additional 47,630 shares during the period. Finally, Hosking Partners LLP grew its stake in SL Green Realty by 10.1% in the 3rd quarter. Hosking Partners LLP now owns 335,931 shares of the real estate investment trust’s stock valued at $12,530,000 after purchasing an additional 30,783 shares during the period. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Company Profile

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3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.

Further Reading

Analyst Recommendations for SL Green Realty (NYSE:SLG)

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