JPMorgan Chase & Co. Raises SL Green Realty (NYSE:SLG) Price Target to $44.00

SL Green Realty (NYSE:SLG) had its target price hoisted by JPMorgan Chase & Co. from $43.00 to $44.00 in a research note published on Thursday, Benzinga reports. They currently have an underweight rating on the real estate investment trust’s stock.

Other analysts have also issued reports about the stock. Barclays upgraded shares of SL Green Realty from an underweight rating to an equal weight rating and boosted their target price for the company from $35.00 to $48.00 in a research report on Wednesday, March 27th. StockNews.com upgraded shares of SL Green Realty to a sell rating in a research report on Saturday, February 3rd. Morgan Stanley boosted their target price on shares of SL Green Realty from $41.00 to $47.00 and gave the company an equal weight rating in a research report on Thursday, March 28th. TheStreet upgraded shares of SL Green Realty from a d+ rating to a c- rating in a research report on Wednesday, January 10th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of SL Green Realty in a research report on Tuesday, January 30th. They set a hold rating and a $50.00 target price for the company. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, SL Green Realty presently has an average rating of Hold and a consensus price target of $47.00.

SL Green Realty Stock Down 0.5 %

SLG opened at $50.61 on Thursday. The company has a quick ratio of 2.23, a current ratio of 2.96 and a debt-to-equity ratio of 1.01. The firm has a 50 day moving average price of $50.58 and a 200-day moving average price of $43.83. SL Green Realty has a twelve month low of $20.51 and a twelve month high of $55.75. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of -6.13, a PEG ratio of 1.38 and a beta of 1.71.

SL Green Realty Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.25 dividend. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.93%. SL Green Realty’s payout ratio is currently -36.32%.

Insiders Place Their Bets

In related news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently modified their holdings of SLG. Private Trust Co. NA bought a new position in shares of SL Green Realty during the fourth quarter worth $33,000. Financial Gravity Asset Management Inc. boosted its position in shares of SL Green Realty by 3,073.3% during the third quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 922 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in SL Green Realty during the third quarter valued at $88,000. Allspring Global Investments Holdings LLC raised its stake in SL Green Realty by 122.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,732 shares of the real estate investment trust’s stock valued at $102,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Rosenberg Matthew Hamilton raised its stake in SL Green Realty by 9.6% during the fourth quarter. Rosenberg Matthew Hamilton now owns 2,588 shares of the real estate investment trust’s stock valued at $117,000 after purchasing an additional 227 shares in the last quarter. 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.