Wells Fargo & Company Cuts SL Green Realty (NYSE:SLG) Price Target to $69.00

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

SLG has been the subject of a number of other reports. Barclays dropped their price target on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Piper Sandler restated an “overweight” rating and issued a $90.00 target price (up from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Morgan Stanley lifted their price target on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Compass Point upped their price objective 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. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $87.00 target price (up from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $71.07.

SL Green Realty Trading Up 0.9 %

Shares of SLG stock opened at $66.21 on Monday. SL Green Realty has a fifty-two week low of $41.88 and a fifty-two week high of $82.81. 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 stock’s fifty day moving average is $68.98 and its two-hundred day moving average is $69.53. The firm has a market capitalization of $4.36 billion, a P/E ratio of 827.56, a PEG ratio of 5.54 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last posted its quarterly 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 net margin of 2.48% and a negative return on equity of 0.10%. Research analysts expect that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, February 18th. Investors of record on Friday, January 31st will be issued a dividend of $0.2575 per share. This represents a $3.09 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date is Friday, January 31st. SL Green Realty’s dividend payout ratio (DPR) is 3,862.50%.

Insider Buying and Selling at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction that occurred 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 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 the SEC website. 5.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC increased its holdings in SL Green Realty by 115.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,251 shares of the real estate investment trust’s stock worth $149,000 after purchasing an additional 1,207 shares during the period. Metis Global Partners LLC increased its stake in shares of SL Green Realty by 20.1% during the fourth quarter. Metis Global Partners LLC now owns 8,013 shares of the real estate investment trust’s stock worth $544,000 after buying an additional 1,339 shares during the period. Mutual of America Capital Management LLC raised its holdings in SL Green Realty by 9.8% in the fourth quarter. Mutual of America Capital Management LLC now owns 10,706 shares of the real estate investment trust’s stock valued at $727,000 after acquiring an additional 957 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in SL Green Realty in the fourth quarter worth approximately $7,705,000. Finally, Oregon Public Employees Retirement Fund lifted its stake in SL Green Realty by 8.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 16,612 shares of the real estate investment trust’s stock worth $1,128,000 after acquiring an additional 1,337 shares during 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.