SL Green Realty (NYSE:SLG) Price Target Raised to $54.00

SL Green Realty (NYSE:SLG) had its price target upped by Barclays from $52.00 to $54.00 in a report released on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued research reports about the company. Truist Financial set a $57.00 price objective on SL Green Realty and gave the company a “hold” rating in a research note on Monday, August 24th. JPMorgan Chase & Co. lifted their target price on shares of SL Green Realty from $51.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, August 25th. Weiss Ratings reiterated a “sell (d+)” rating on shares of SL Green Realty in a research report on Tuesday, August 25th. Wall Street Zen upgraded shares of SL Green Realty from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 5th. Finally, UBS Group set a $60.00 price target on shares of SL Green Realty in a research note on Monday, July 27th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $57.27.

SL Green Realty Stock Down 1.6%

SLG opened at $51.61 on Tuesday. The business’s 50-day simple moving average is $54.11 and its 200-day simple moving average is $46.81. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. SL Green Realty has a one year low of $34.77 and a one year high of $66.29. The stock has a market capitalization of $3.67 billion, a P/E ratio of -18.90, a price-to-earnings-growth ratio of 2.25 and a beta of 1.60.

SL Green Realty (NYSE:SLG) last posted its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.21. The business had revenue of $264.00 million during the quarter, compared to the consensus estimate of $179.01 million. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The business’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.63 EPS. Analysts anticipate that SL Green Realty will post 5.56 EPS for the current year.

SL Green Realty Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.6175 dividend. This represents a $2.47 annualized dividend and a dividend yield of 4.8%. The ex-dividend date was Tuesday, June 30th. SL Green Realty’s dividend payout ratio (DPR) is -90.48%.

Insider Activity

In other news, insider Harrison Sitomer sold 23,113 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the transaction, the insider owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently modified their holdings of SLG. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of SL Green Realty by 15,825.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 480,634 shares of the real estate investment trust’s stock valued at $24,882,000 after acquiring an additional 477,616 shares during the period. Jupiter Topco LLC acquired a new stake in shares of SL Green Realty in the 2nd quarter worth approximately $1,556,000. Clear Harbor Asset Management LLC acquired a new stake in shares of SL Green Realty in the 2nd quarter worth approximately $2,043,000. Royal Bank of Canada increased its stake in SL Green Realty by 903.3% in the 1st quarter. Royal Bank of Canada now owns 142,614 shares of the real estate investment trust’s stock valued at $5,268,000 after purchasing an additional 128,400 shares in the last quarter. Finally, Advisors Capital Management LLC purchased a new position in SL Green Realty in the 2nd quarter valued at approximately $962,000. 89.96% of the stock is owned by institutional investors and hedge funds.

About SL Green Realty

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.