Evercore ISI Raises SL Green Realty (NYSE:SLG) Price Target to $47.00

SL Green Realty (NYSE:SLG) had its target price boosted by Evercore ISI from $46.00 to $47.00 in a report released on Monday, Benzinga reports. The firm currently has an underperform rating on the real estate investment trust’s stock.

Several other research firms have also recently issued reports on SLG. Scotiabank increased their price objective on SL Green Realty from $40.00 to $43.00 and gave the stock a sector underperform rating in a research report on Tuesday, April 2nd. TheStreet upgraded SL Green Realty from a d+ rating to a c- rating in a research report on Wednesday, January 10th. StockNews.com upgraded SL Green Realty to a sell rating in a research report on Saturday, February 3rd. The Goldman Sachs Group raised their price target on SL Green Realty from $30.00 to $36.00 and gave the company a sell rating in a research report on Thursday, January 11th. Finally, BMO Capital Markets upgraded SL Green Realty from a market perform rating to an outperform rating and raised their price target for the company from $56.00 to $58.00 in a research report on Thursday, April 18th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, SL Green Realty currently has an average rating of Hold and a consensus target price of $47.25.

SL Green Realty Trading Down 0.5 %

NYSE:SLG opened at $52.13 on Monday. The stock has a fifty day moving average price of $50.40 and a two-hundred day moving average price of $43.60. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of -6.31, a PEG ratio of 1.37 and a beta of 1.71. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.23 and a current ratio of 2.96. SL Green Realty has a 1 year low of $20.51 and a 1 year high of $55.75.

SL Green Realty Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 5.75%. The ex-dividend date of this dividend is Monday, April 29th. SL Green Realty’s payout ratio is -36.32%.

Insider Activity at SL Green Realty

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

Institutional Trading of SL Green Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. purchased a new stake in SL Green Realty in the 1st quarter valued at about $357,000. New Mexico Educational Retirement Board purchased a new stake in SL Green Realty in the 1st quarter valued at about $793,000. Prospect Financial Services LLC grew its holdings in SL Green Realty by 1.2% in the 1st quarter. Prospect Financial Services LLC now owns 277,233 shares of the real estate investment trust’s stock valued at $15,284,000 after buying an additional 3,311 shares during the period. Abundance Wealth Counselors grew its holdings in SL Green Realty by 29.8% in the 1st quarter. Abundance Wealth Counselors now owns 7,525 shares of the real estate investment trust’s stock valued at $415,000 after buying an additional 1,727 shares during the period. Finally, Monument Capital Management purchased a new stake in shares of SL Green Realty during the 1st quarter worth about $323,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Company Profile

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.