Bank of America Cuts SL Green Realty (NYSE:SLG) Price Target to $73.00

SL Green Realty (NYSE:SLG) had its price objective lowered by Bank of America from $80.00 to $73.00 in a research report released on Monday morning,Benzinga reports. Bank of America currently has a neutral rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued reports about the company. Mizuho upped their price target on SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Compass Point raised their price objective on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 target price (up previously from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Barclays raised their price target on shares of SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and a consensus price target of $69.38.

SL Green Realty Price Performance

Shares of SL Green Realty stock opened at $63.24 on Monday. The company has a market cap of $4.17 billion, a PE ratio of 790.46, a P/E/G ratio of 5.53 and a beta of 1.82. The business has a 50 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.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS 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 0.11%. As a group, equities research analysts forecast that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.09 dividend on an annualized basis and a yield of 4.89%. SL Green Realty’s dividend payout ratio is presently 3,862.50%.

Insider Transactions at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction 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 sale, the director now owns 2,052 shares in the company, valued at $136,047.60. The trade was a 62.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.08% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Large investors have recently made changes to their positions in the company. FMR LLC grew its holdings in SL Green Realty by 69.1% during the 3rd quarter. FMR LLC now owns 58,185 shares of the real estate investment trust’s stock valued at $4,050,000 after buying an additional 23,780 shares in the last quarter. Weiss Asset Management LP purchased a new position in shares of SL Green Realty in the third quarter valued at $771,000. Citigroup Inc. raised its stake in SL Green Realty by 54.6% during the third quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust’s stock valued at $5,958,000 after purchasing an additional 30,220 shares in the last quarter. Kestra Investment Management LLC bought a new position in SL Green Realty during the third quarter valued at $876,000. Finally, Franklin Resources Inc. purchased a new position in shares of SL Green Realty in the 3rd quarter worth $621,000. 89.96% of the stock is owned by 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.