SL Green Realty (NYSE:SLG) Trading Up 5%

SL Green Realty Corp. (NYSE:SLG)’s stock price was up 5% during trading on Wednesday . The stock traded as high as $53.01 and last traded at $52.97. Approximately 239,315 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 1,309,437 shares. The stock had previously closed at $50.43.

Analysts Set New Price Targets

SLG has been the subject of a number of research analyst reports. TheStreet raised SL Green Realty from a “d+” rating to a “c-” rating in a research report on Wednesday, January 10th. BMO Capital Markets boosted their price target on shares of SL Green Realty from $34.00 to $44.00 and gave the stock a “market perform” rating in a report on Tuesday, December 5th. Deutsche Bank Aktiengesellschaft began coverage on shares of SL Green Realty in a report on Tuesday, January 30th. They set a “hold” rating and a $50.00 price objective for the company. Morgan Stanley boosted their target price on shares of SL Green Realty from $41.00 to $47.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Truist Financial cut shares of SL Green Realty from a “buy” rating to a “hold” rating and lifted their price target for the stock from $44.00 to $47.00 in a report on Tuesday, January 16th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $46.09.

SL Green Realty Stock Performance

The company’s 50-day moving average price is $48.00 and its two-hundred day moving average price is $41.74. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.93.

SL Green Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.44%. The ex-dividend date of this dividend is Wednesday, March 27th. SL Green Realty’s payout ratio is currently -33.00%.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Carol N. Brown sold 5,118 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction that occurred on 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 transaction, the director now directly owns 6,886 shares in the company, valued at $325,363.50. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SLG. Vanguard Group Inc. raised its position in shares of SL Green Realty by 0.4% in 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 acquiring an additional 43,241 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of SL Green Realty by 7.6% in 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 acquiring an additional 78,322 shares in the last quarter. Prospect Financial Services LLC purchased a new position in SL Green Realty during the 4th quarter valued at about $12,373,000. Legal & General Group Plc boosted its stake in SL Green Realty by 3.8% during the fourth quarter. Legal & General Group Plc now owns 1,039,164 shares of the real estate investment trust’s stock worth $46,939,000 after acquiring an additional 37,655 shares in the last quarter. Finally, Barclays PLC grew its holdings in SL Green Realty by 189.7% in the fourth quarter. Barclays PLC now owns 105,694 shares of the real estate investment trust’s stock worth $4,774,000 after purchasing an additional 69,212 shares during the period. 89.96% of the stock is currently 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.