Evercore ISI Raises SL Green Realty (NYSE:SLG) Price Target to $47.00

SL Green Realty (NYSE:SLG) had its price target upped by Evercore ISI from $46.00 to $47.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has an underperform rating on the real estate investment trust’s stock.

Other research analysts have also recently issued research reports about the company. Barclays raised SL Green Realty from an underweight rating to an equal weight rating and raised their target price for the company from $35.00 to $48.00 in a research note on Wednesday, March 27th. Piper Sandler reaffirmed an overweight rating and set a $58.00 target price on shares of SL Green Realty in a research note on Tuesday, March 26th. Scotiabank raised their target price on SL Green Realty from $40.00 to $43.00 and gave the company a sector underperform rating in a research note on Tuesday, April 2nd. The Goldman Sachs Group raised their target price on SL Green Realty from $30.00 to $36.00 and gave the company a sell rating in a research note on Thursday, January 11th. Finally, BMO Capital Markets raised SL Green Realty from a market perform rating to an outperform rating and raised their target price for the company from $56.00 to $58.00 in a research note on Thursday, April 18th. Five analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SL Green Realty has an average rating of Hold and an average price target of $47.25.

SL Green Realty Trading Down 0.5 %

Shares of SLG stock opened at $52.13 on Monday. The stock has a 50-day simple moving average of $50.40 and a 200 day simple moving average of $43.60. SL Green Realty has a fifty-two week low of $20.51 and a fifty-two week high of $55.75. The stock has a market capitalization of $3.43 billion, a P/E ratio of -6.31, a P/E/G ratio of 1.37 and a beta of 1.71. The company has a quick ratio of 2.23, a current ratio of 2.96 and a debt-to-equity ratio of 1.01.

SL Green Realty Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 5.75%. The ex-dividend date of this dividend is Monday, April 29th. SL Green Realty’s dividend payout ratio is -36.32%.

Insider Buying and Selling

In related news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Betsy S. Atkins sold 9,894 shares of the stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the sale, the director now directly owns 6,886 shares of the company’s stock, valued at $325,363.50. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of SL Green Realty by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 10,324,945 shares of the real estate investment trust’s stock worth $466,378,000 after purchasing an additional 43,241 shares in the last quarter. Deutsche Bank AG raised its stake in shares of SL Green Realty by 2,563.6% during the 3rd quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock worth $74,573,000 after purchasing an additional 1,924,221 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of SL Green Realty by 7.6% during the 4th quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock worth $50,363,000 after purchasing an additional 78,322 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of SL Green Realty by 4.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,033,136 shares of the real estate investment trust’s stock worth $38,536,000 after purchasing an additional 45,247 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of SL Green Realty by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,024,383 shares of the real estate investment trust’s stock worth $46,271,000 after purchasing an additional 30,289 shares in the last quarter. 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.