SL Green Realty (NYSE:SLG) Upgraded by StockNews.com to “Sell”

StockNews.com upgraded shares of SL Green Realty (NYSE:SLG) to a sell rating in a report published on Wednesday morning.

A number of other analysts have also recently weighed in on the company. BMO Capital Markets raised SL Green Realty from a market perform rating to an outperform rating and raised their price objective for the stock from $56.00 to $58.00 in a research report on Thursday, April 18th. Truist Financial downgraded shares of SL Green Realty from a buy rating to a hold rating and upped their price objective for the company from $44.00 to $47.00 in a report on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of SL Green Realty in a research note on Tuesday, January 30th. They issued a hold rating and a $50.00 target price for the company. Evercore ISI lifted their price target on SL Green Realty from $46.00 to $47.00 and gave the stock an underperform rating in a research report on Monday, April 22nd. Finally, Morgan Stanley increased their price objective on SL Green Realty from $41.00 to $47.00 and gave the company an equal weight rating in a report on Thursday, March 28th. Six research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, SL Green Realty currently has an average rating of Hold and an average price target of $47.00.

SL Green Realty Trading Down 0.7 %

NYSE:SLG opened at $50.93 on Wednesday. The firm has a 50 day moving average of $51.32 and a 200 day moving average of $44.76. The company has a quick ratio of 2.23, a current ratio of 2.96 and a debt-to-equity ratio of 1.01. SL Green Realty has a 52 week low of $20.51 and a 52 week high of $55.75. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of -6.17, a PEG ratio of 1.39 and a beta of 1.72.

SL Green Realty Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 5.89%. SL Green Realty’s payout ratio is -36.32%.

Insider Buying and Selling

In related news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Phocas Financial Corp. acquired a new position in SL Green Realty in the 4th quarter valued at about $3,425,000. Wellington Management Group LLP acquired a new position in shares of SL Green Realty in the 3rd quarter worth approximately $38,666,000. Cyndeo Wealth Partners LLC purchased a new position in shares of SL Green Realty during the fourth quarter worth $4,593,000. Raymond James Financial Services Advisors Inc. acquired a new position in SL Green Realty in the 4th quarter valued at about $491,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of SL Green Realty by 2.7% in the third 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 in the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.