Scotiabank Cuts SL Green Realty (NYSE:SLG) Price Target to $61.00

SL Green Realty (NYSE:SLG) had its target price trimmed by Scotiabank from $66.00 to $61.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a sector outperform rating on the real estate investment trust’s stock.

Several other brokerages have also weighed in on SLG. Barclays set a $54.00 price objective on SL Green Realty in a research report on Tuesday. Deutsche Bank Aktiengesellschaft set a $45.00 price target on SL Green Realty in a research note on Tuesday, January 6th. New Street Research set a $72.00 price objective on SL Green Realty in a research report on Thursday, October 9th. JPMorgan Chase & Co. reduced their price objective on shares of SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued a $42.00 target price (down previously from $48.00) on shares of SL Green Realty in a research report on Tuesday, December 23rd. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $55.94.

SL Green Realty Price Performance

Shares of SLG stock opened at $48.59 on Wednesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.22 and a quick ratio of 3.22. The company has a market capitalization of $3.47 billion, a PE ratio of 4,863.66 and a beta of 1.60. The firm’s 50-day moving average is $46.24 and its two-hundred day moving average is $53.74. SL Green Realty has a 12 month low of $40.26 and a 12 month high of $68.14.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.24. The business had revenue of $244.82 million during the quarter, compared to analysts’ expectations of $170.27 million. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.26 EPS. Analysts predict that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were paid a $0.2575 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a c) annualized dividend and a dividend yield of 6.4%. SL Green Realty’s dividend payout ratio (DPR) is presently 30,900.00%.

Insider Activity at SL Green Realty

In other SL Green Realty news, insider Andrew S. Levine sold 1,493 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.27, for a total value of $67,588.11. Following the completion of the transaction, the insider owned 7,045 shares of the company’s stock, valued at $318,927.15. This trade represents a 17.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Marc Holliday sold 22,223 shares of the stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total value 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. The trade was a 69.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC increased its stake in shares of SL Green Realty by 74.8% during the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock worth $1,519,000 after buying an additional 11,506 shares during the period. United Services Automobile Association acquired a new position in SL Green Realty during the 1st quarter worth approximately $253,000. Empowered Funds LLC grew its holdings in SL Green Realty by 10.9% during the 1st quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock worth $425,000 after acquiring an additional 722 shares in the last quarter. Strs Ohio purchased a new stake in shares of SL Green Realty in the 1st quarter valued at approximately $1,593,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of SL Green Realty in the 2nd quarter valued at $225,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.