BTIG Research Cuts SL Green Realty (NYSE:SLG) Price Target to $70.00

SL Green Realty (NYSE:SLG) had its price target decreased by BTIG Research from $75.00 to $70.00 in a research report sent to investors on Thursday, Marketbeat.com reports. BTIG Research currently has a buy rating on the real estate investment trust’s stock.

SLG has been the topic of several other research reports. Evercore set a $54.00 price objective on shares of SL Green Realty and gave the stock an “outperform” rating in a research note on Monday, December 8th. Zacks Research downgraded shares of SL Green Realty from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. BMO Capital Markets dropped their price target on shares of SL Green Realty from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 8th. Citigroup reduced their price objective on SL Green Realty from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Jefferies Financial Group upgraded SL Green Realty from a “neutral” rating to a “buy” rating and lifted their target price for the company from $57.00 to $63.00 in a research report on Monday, October 13th. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $54.30.

SL Green Realty Price Performance

NYSE SLG opened at $43.79 on Thursday. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of -27.20 and a beta of 1.63. SL Green Realty has a 1-year low of $40.26 and a 1-year high of $67.21. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.66 and a quick ratio of 3.22. The business’s fifty day moving average price is $45.66 and its 200-day moving average price is $51.87.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.03. The company had revenue of $159.82 million during the quarter, compared to analysts’ expectations of $162.73 million. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.SL Green Realty’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.81 earnings per share. On average, equities analysts predict that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were issued a $0.2575 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a c) annualized dividend and a yield of 7.1%. SL Green Realty’s dividend payout ratio is currently -191.93%.

Insider Transactions at SL Green Realty

In related news, CEO Marc Holliday sold 22,223 shares of the stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total transaction of $986,701.20. Following the completion of the sale, the chief executive officer owned 9,698 shares in the company, valued at approximately $430,591.20. This trade represents a 69.62% 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. Also, insider Andrew S. Levine sold 1,493 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $45.27, for a total value of $67,588.11. Following the completion of the transaction, the insider directly owned 7,045 shares in the company, valued at approximately $318,927.15. This represents a 17.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On SL Green Realty

Institutional investors have recently added to or reduced their stakes in the stock. Mizuho Markets Cayman LP raised its position in shares of SL Green Realty by 30.4% during the fourth quarter. Mizuho Markets Cayman LP now owns 15,011 shares of the real estate investment trust’s stock valued at $689,000 after buying an additional 3,500 shares during the last quarter. Prospect Financial Services LLC grew its stake in SL Green Realty by 19.7% during the fourth quarter. Prospect Financial Services LLC now owns 258,671 shares of the real estate investment trust’s stock valued at $11,865,000 after acquiring an additional 42,557 shares in the last quarter. GSA Capital Partners LLP bought a new stake in SL Green Realty in the 4th quarter valued at $878,000. Handelsbanken Fonder AB lifted its stake in SL Green Realty by 21.8% in the 4th quarter. Handelsbanken Fonder AB now owns 20,665 shares of the real estate investment trust’s stock worth $948,000 after purchasing an additional 3,700 shares in the last quarter. Finally, ProShare Advisors LLC lifted its stake in SL Green Realty by 3.3% in the 4th quarter. ProShare Advisors LLC now owns 13,970 shares of the real estate investment trust’s stock worth $641,000 after purchasing an additional 442 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.