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

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

SLG has been the topic of several other research reports. StockNews.com upgraded SL Green Realty to a sell rating in a report on Saturday, February 3rd. Truist Financial cut SL Green Realty from a buy rating to a hold rating and raised their price objective for the stock from $44.00 to $47.00 in a report on Tuesday, January 16th. Piper Sandler restated an overweight rating and set a $58.00 price objective on shares of SL Green Realty in a report on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft started coverage on SL Green Realty in a research report on Tuesday, January 30th. They issued a hold rating and a $50.00 target price on the stock. Finally, Scotiabank increased their target price on SL Green Realty from $40.00 to $43.00 and gave the stock a sector underperform rating in a research report on Tuesday, April 2nd. Six analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $47.00.

SL Green Realty Stock Performance

Shares of NYSE:SLG opened at $50.88 on Monday. SL Green Realty has a one year low of $20.51 and a one year high of $55.75. The business’s fifty day moving average price is $50.51 and its two-hundred day moving average price is $43.65. The company has a current ratio of 2.96, a quick ratio of 2.23 and a debt-to-equity ratio of 1.01.

SL Green Realty Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 5.90%. The ex-dividend date is Monday, April 29th. SL Green Realty’s dividend payout ratio (DPR) is presently -36.32%.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty 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 value of $227,085.66. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of SL Green Realty

Hedge funds and other institutional investors have recently modified their holdings of the business. Phocas Financial Corp. purchased a new stake in shares of SL Green Realty during the fourth quarter worth about $3,425,000. Wellington Management Group LLP acquired a new position in SL Green Realty in the third quarter worth about $38,666,000. Cyndeo Wealth Partners LLC acquired a new position in SL Green Realty in the fourth quarter worth about $4,593,000. Raymond James Financial Services Advisors Inc. acquired a new position in SL Green Realty in the fourth quarter worth about $491,000. Finally, Charles Schwab Investment Management Inc. grew its stake in SL Green Realty by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 994,094 shares of the real estate investment trust’s stock worth $37,080,000 after purchasing an additional 26,465 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.