SL Green Realty (NYSE:SLG) Upgraded by BMO Capital Markets to Outperform

BMO Capital Markets upgraded shares of SL Green Realty (NYSE:SLG) from a market perform rating to an outperform rating in a research note released on Thursday morning, Marketbeat Ratings reports. They currently have $58.00 price target on the real estate investment trust’s stock, up from their previous price target of $56.00.

SLG has been the subject of a number of other reports. Evercore ISI lowered SL Green Realty from an in-line rating to an underperform rating and set a $44.00 price objective for the company. in a report on Monday, March 18th. Piper Sandler restated an overweight rating and set a $58.00 price objective on shares of SL Green Realty in a research note on Tuesday, March 26th. Truist Financial downgraded shares of SL Green Realty from a buy rating to a hold rating and upped their price objective for the stock from $44.00 to $47.00 in a report on Tuesday, January 16th. Barclays raised shares of SL Green Realty from an underweight rating to an equal weight rating and raised their target price for the company from $35.00 to $48.00 in a research note on Wednesday, March 27th. Finally, StockNews.com upgraded shares of SL Green Realty to a sell rating in a report on Saturday, February 3rd. Five analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $47.00.

SL Green Realty Stock Down 2.3 %

Shares of NYSE:SLG opened at $48.53 on Thursday. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.93. The company’s 50-day moving average price is $49.83 and its 200 day moving average price is $43.08. SL Green Realty has a fifty-two week low of $20.51 and a fifty-two week high of $55.75.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 6.18%. The ex-dividend date was Wednesday, March 27th. SL Green Realty’s dividend payout ratio is presently -36.32%.

Insider Buying and Selling

In related news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $47.25, for a total transaction of $467,491.50. Following the transaction, the director now directly owns 6,886 shares in the company, valued at approximately $325,363.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Carol N. Brown sold 5,118 shares of the stock in a transaction 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. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of SL Green Realty by 2.8% in the 2nd quarter. BlackRock Inc. now owns 11,561,366 shares of the real estate investment trust’s stock valued at $347,419,000 after purchasing an additional 315,294 shares during the period. Vanguard Group Inc. increased its stake in SL Green Realty by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 10,324,945 shares of the real estate investment trust’s stock valued at $466,378,000 after buying an additional 43,241 shares during the period. State Street Corp lifted its position in SL Green Realty by 10.2% in the 2nd quarter. State Street Corp now owns 4,372,816 shares of the real estate investment trust’s stock worth $132,562,000 after buying an additional 403,257 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of SL Green Realty by 2,563.6% during the 3rd quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock valued at $74,573,000 after buying an additional 1,924,221 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of SL Green Realty by 39.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,424,518 shares of the real estate investment trust’s stock valued at $42,807,000 after acquiring an additional 400,373 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

About SL Green Realty

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.