SL Green Realty (NYSE:SLG) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of SL Green Realty (NYSE:SLG) in a report issued on Monday, Marketbeat Ratings reports. The firm issued a hold rating and a $58.00 price target on the real estate investment trust’s stock.

Several other analysts also recently commented on the stock. Scotiabank cut their price objective on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 28th. Wells Fargo & Company dropped their price target on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Barclays dropped their price target on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and raised their price target for the company from $51.00 to $80.00 in a report on Tuesday, December 10th. Finally, Compass Point raised their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $69.87.

SL Green Realty Stock Up 2.6 %

Shares of SL Green Realty stock opened at $58.25 on Monday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The company has a 50-day moving average of $63.81 and a 200 day moving average of $69.30. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of 728.09, a PEG ratio of 5.30 and a beta of 1.82. SL Green Realty has a 1 year low of $47.22 and a 1 year high of $82.81.

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

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a dividend of $0.2575 per share. This represents a $3.09 annualized dividend and a dividend yield of 5.30%. The ex-dividend date of this dividend was Friday, February 28th. SL Green Realty’s payout ratio is currently 3,862.50%.

Insider Activity

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 5.08% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 DIFC Ltd purchased a new position in SL Green Realty during the third quarter worth $35,000. Jones Financial Companies Lllp purchased a new position in SL Green Realty during the fourth quarter worth $39,000. Quadrant Capital Group LLC boosted its stake in SL Green Realty by 37.4% during the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 208 shares during the period. Versant Capital Management Inc boosted its stake in shares of SL Green Realty by 17.7% during the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 157 shares during the period. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of SL Green Realty during the fourth quarter valued at $75,000. 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.