SL Green Realty (NYSE:SLG) Given New $44.00 Price Target at JPMorgan Chase & Co.

SL Green Realty (NYSE:SLG) had its target price lifted by JPMorgan Chase & Co. from $43.00 to $44.00 in a report released on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the real estate investment trust’s stock.

Several other research firms have also weighed in on SLG. The Goldman Sachs Group lifted their price target on SL Green Realty from $30.00 to $36.00 and gave the company a sell rating in a research report on Thursday, January 11th. BMO Capital Markets upgraded SL Green Realty from a market perform rating to an outperform rating and lifted their price objective for the company from $56.00 to $58.00 in a research note on Thursday, April 18th. Barclays upgraded SL Green Realty from an underweight rating to an equal weight rating and lifted their price objective for the company from $35.00 to $48.00 in a research note on Wednesday, March 27th. Scotiabank lifted their price objective 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. Finally, Truist Financial cut SL Green Realty from a buy rating to a hold rating and lifted their price objective for the company from $44.00 to $47.00 in a research note on Tuesday, January 16th. Six analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $47.00.

SL Green Realty Price Performance

Shares of SLG stock opened at $51.27 on Thursday. SL Green Realty has a fifty-two week low of $20.51 and a fifty-two week high of $55.75. The business’s 50 day moving average price is $50.51 and its 200-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 firm also recently disclosed a monthly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.85%. The ex-dividend date is Monday, April 29th. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction that occurred on 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 filing with the SEC, which can be accessed through the SEC website. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLG. Commonwealth Equity Services LLC raised its position in SL Green Realty by 66.4% during the third quarter. Commonwealth Equity Services LLC now owns 17,752 shares of the real estate investment trust’s stock valued at $662,000 after purchasing an additional 7,086 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of SL Green Realty by 4.6% in the third 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 buying an additional 45,247 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of SL Green Realty by 8.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,270 shares of the real estate investment trust’s stock worth $1,017,000 after buying an additional 2,064 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of SL Green Realty by 122.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,732 shares of the real estate investment trust’s stock worth $102,000 after buying an additional 1,502 shares during the period. Finally, Tandem Capital Management Corp ADV raised its holdings in shares of SL Green Realty by 156.3% in the third quarter. Tandem Capital Management Corp ADV now owns 31,265 shares of the real estate investment trust’s stock worth $1,166,000 after buying an additional 19,065 shares during the period. 89.96% of the stock is currently 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.