SL Green Realty (NYSE:SLG) Price Target Cut to $69.00 by Analysts at Wells Fargo & Company

SL Green Realty (NYSE:SLG) had its price target reduced by Wells Fargo & Company from $76.00 to $69.00 in a report released on Monday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $51.00 to $80.00 in a report on Tuesday, December 10th. Scotiabank raised their price objective on SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Tuesday, December 10th. Bank of America reduced their price target on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Morgan Stanley raised their target price on shares of SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Finally, Mizuho lifted their price objective on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $71.07.

SL Green Realty Stock Performance

Shares of NYSE:SLG opened at $65.80 on Monday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 3.21. The firm has a market cap of $4.34 billion, a PE ratio of 822.55, a price-to-earnings-growth ratio of 5.54 and a beta of 1.82. The firm’s 50 day simple moving average is $69.49 and its 200-day simple moving average is $69.46. SL Green Realty has a one year low of $41.88 and a one year high of $82.81.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. As a group, equities analysts predict that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st will be given a dividend of $0.2575 per share. This represents a $3.09 annualized dividend and a yield of 4.70%. The ex-dividend date is Friday, January 31st. SL Green Realty’s dividend payout ratio (DPR) is 3,862.50%.

Insider Activity

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the sale, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.08% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of institutional investors have recently added to or reduced their stakes in SLG. Venturi Wealth Management LLC increased its holdings in SL Green Realty by 272.0% in the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 272 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in SL Green Realty during the third quarter worth $35,000. Friedenthal Financial purchased a new stake in shares of SL Green Realty in the 3rd quarter worth about $49,000. Blue Trust Inc. grew its stake in SL Green Realty by 363.2% in the 3rd quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 632 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in SL Green Realty by 17.7% during the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 157 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.