SL Green Realty (NYSE:SLG) Given New $62.00 Price Target at Truist Financial

SL Green Realty (NYSE:SLG) had its target price hoisted by Truist Financial from $61.00 to $62.00 in a report issued on Monday,Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

Several other equities research analysts also recently commented on SLG. Morgan Stanley raised their target price on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Barclays lifted their price objective on shares of SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. BMO Capital Markets restated an “outperform” rating and issued a $87.00 target price (up from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Compass Point lifted their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Finally, Jefferies Financial Group decreased their price objective on shares of SL Green Realty from $75.00 to $69.00 and set a “hold” rating for the company in a research report on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $69.38.

SL Green Realty Price Performance

SL Green Realty stock opened at $63.24 on Monday. The firm has a fifty day moving average of $70.28 and a 200-day moving average of $69.40. SL Green Realty has a 52-week low of $41.88 and a 52-week high of $82.81. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $4.17 billion, a P/E ratio of 790.46, a PEG ratio of 5.53 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.11%. As a group, analysts predict that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, February 18th. Shareholders 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 4.89%. The ex-dividend date of this dividend is Friday, January 31st. SL Green Realty’s dividend payout ratio is presently 3,862.50%.

Insider Transactions at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 5.08% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently bought and sold shares of SLG. Venturi Wealth Management LLC lifted its stake 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 during the last quarter. Point72 DIFC Ltd bought a new stake in SL Green Realty in the 3rd quarter valued at about $35,000. Friedenthal Financial bought a new stake in SL Green Realty in the 3rd quarter valued at about $49,000. Blue Trust Inc. boosted its stake in SL Green Realty by 363.2% during the 3rd quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 632 shares during the period. Finally, Versant Capital Management Inc grew its position in SL Green Realty by 17.7% in the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 157 shares during the last quarter. Institutional investors and hedge funds 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.