SL Green Realty (NYSE:SLG) Sets New 1-Year High After Analyst Upgrade

SL Green Realty Corp. (NYSE:SLG)’s share price hit a new 52-week high during trading on Thursday after Morgan Stanley raised their price target on the stock from $41.00 to $47.00. Morgan Stanley currently has an equal weight rating on the stock. SL Green Realty traded as high as $55.75 and last traded at $54.84, with a volume of 399221 shares trading hands. The stock had previously closed at $53.74.

SLG has been the subject of a number of other reports. Truist Financial lowered SL Green Realty from a “buy” rating to a “hold” rating and boosted their target price for the company from $44.00 to $47.00 in a research report on Tuesday, January 16th. Piper Sandler restated an “overweight” rating and issued a $58.00 target price on shares of SL Green Realty in a research note on Tuesday. TheStreet upgraded SL Green Realty from a “d+” rating to a “c-” rating in a research note on Wednesday, January 10th. Evercore ISI downgraded SL Green Realty from an “in-line” rating to an “underperform” rating and set a $44.00 target price on the stock. in a research note on Monday, March 18th. Finally, Barclays upgraded SL Green Realty from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $35.00 to $48.00 in a research note on Wednesday. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.09.

Insider Transactions at SL Green Realty

In other news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Betsy S. Atkins sold 9,894 shares of the company’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the transaction, the director now owns 6,886 shares of the company’s stock, valued at $325,363.50. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.

Institutional Trading of SL Green Realty

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in shares of SL Green Realty by 2.8% during the second quarter. BlackRock Inc. now owns 11,561,366 shares of the real estate investment trust’s stock worth $347,419,000 after purchasing an additional 315,294 shares during the period. Vanguard Group Inc. boosted its holdings in shares of SL Green Realty by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 10,324,945 shares of the real estate investment trust’s stock worth $466,378,000 after purchasing an additional 43,241 shares during the period. State Street Corp boosted its holdings in shares of SL Green Realty by 10.2% during the second quarter. State Street Corp now owns 4,372,816 shares of the real estate investment trust’s stock worth $132,562,000 after purchasing an additional 403,257 shares during the period. Deutsche Bank AG boosted its holdings in shares of SL Green Realty by 2,563.6% during the third quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock worth $74,573,000 after purchasing an additional 1,924,221 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of SL Green Realty by 39.1% during the second quarter. Geode Capital Management LLC now owns 1,424,518 shares of the real estate investment trust’s stock worth $42,807,000 after purchasing an additional 400,373 shares during the period. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Trading Up 1.9 %

The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average price is $47.75 and its two-hundred day moving average price is $41.65. The company has a market capitalization of $3.55 billion, a PE ratio of -6.07, a price-to-earnings-growth ratio of 1.70 and a beta of 1.70.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 5.48%. The ex-dividend date of this dividend is Wednesday, March 27th. SL Green Realty’s payout ratio is currently -33.00%.

SL Green Realty Company Profile

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.