SL Green Realty’s (SLG) Overweight Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of SL Green Realty (NYSE:SLG) in a report released on Monday morning,Benzinga reports. They currently have a $62.00 target price on the real estate investment trust’s stock, down from their prior target price of $64.00.

SLG has been the topic of several other research reports. Truist Financial set a $57.00 price objective on SL Green Realty and gave the stock a “hold” rating in a report on Monday, August 24th. LADENBURG THALM/SH SH increased their target price on SL Green Realty from $42.00 to $46.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Evercore set a $60.00 price target on SL Green Realty in a research report on Monday, September 21st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of SL Green Realty in a research note on Tuesday, August 25th. Finally, Wall Street Zen raised SL Green Realty from a “sell” rating to a “hold” rating in a research note on Saturday, October 24th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $54.50.

SL Green Realty Price Performance

Shares of SL Green Realty stock opened at $49.00 on Monday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.10 and a current ratio of 2.92. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $60.09. The company has a fifty day moving average of $51.65 and a 200-day moving average of $46.84. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of -23.79, a price-to-earnings-growth ratio of 4.06 and a beta of 1.66.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $1.26. The company had revenue of $165.55 million for the quarter, compared to analysts’ expectations of $176.97 million. SL Green Realty had a negative net margin of 12.03% and a negative return on equity of 3.18%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.58 EPS. Equities research analysts expect that SL Green Realty will post 5.72 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date was Wednesday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is currently -119.90%.

Insider Activity

In related news, insider Harrison Sitomer sold 23,113 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the completion of the transaction, the insider owned 109,468 shares in the company, valued at $6,317,398.28. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.94% of the company’s stock.

Institutional Trading of SL Green Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pinnacle Wealth Planning Services Inc. raised its holdings in SL Green Realty by 15.9% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,501 shares of the real estate investment trust’s stock worth $171,000 after purchasing an additional 481 shares in the last quarter. Allworth Financial LP boosted its stake in shares of SL Green Realty by 24.3% during the 2nd quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust’s stock valued at $132,000 after purchasing an additional 499 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of SL Green Realty during the second quarter valued at about $33,000. Glenmede Trust Co. NA increased its position in shares of SL Green Realty by 3.8% during the first quarter. Glenmede Trust Co. NA now owns 17,370 shares of the real estate investment trust’s stock valued at $642,000 after buying an additional 639 shares during the period. Finally, Probity Advisors Inc. increased its position in shares of SL Green Realty by 6.1% during the third quarter. Probity Advisors Inc. now owns 11,546 shares of the real estate investment trust’s stock valued at $565,000 after buying an additional 665 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.