BMO Capital Markets Upgrades SL Green Realty (NYSE:SLG) to “Outperform”

BMO Capital Markets upgraded shares of SL Green Realty (NYSE:SLG) from a market perform rating to an outperform rating in a research note issued to investors on Thursday, Marketbeat reports. The firm currently has $58.00 target price on the real estate investment trust’s stock, up from their prior target price of $56.00.

SLG has been the topic of several other reports. StockNews.com upgraded SL Green Realty to a sell rating in a research report on Saturday, February 3rd. Scotiabank raised their price objective on SL Green Realty from $40.00 to $43.00 and gave the stock a sector underperform rating in a report on Tuesday, April 2nd. The Goldman Sachs Group raised their price objective on SL Green Realty from $30.00 to $36.00 and gave the stock a sell rating in a report on Thursday, January 11th. Evercore ISI downgraded SL Green Realty from an in-line rating to an underperform rating and set a $44.00 price objective on the stock. in a report on Monday, March 18th. Finally, Truist Financial downgraded 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. Five research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, SL Green Realty has an average rating of Hold and an average target price of $47.00.

SL Green Realty Stock Performance

NYSE SLG opened at $49.58 on Thursday. The business’s 50-day moving average price is $49.94 and its 200 day moving average price is $43.30. SL Green Realty has a twelve month low of $20.51 and a twelve month high of $55.75. The company has a market capitalization of $3.21 billion, a PE ratio of -6.00, a price-to-earnings-growth ratio of 1.34 and a beta of 1.71. 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 announced a monthly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 6.05%. SL Green Realty’s payout ratio is currently -36.32%.

Insider Activity at SL Green Realty

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SLG. Private Trust Co. NA acquired a new position in shares of SL Green Realty in the 4th quarter worth approximately $33,000. Financial Gravity Asset Management Inc. grew its position in shares of SL Green Realty by 3,073.3% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 922 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of SL Green Realty by 92.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 747 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in SL Green Realty during the 3rd quarter valued at approximately $88,000. Finally, Advisory Services Network LLC bought a new position in SL Green Realty during the 4th quarter worth $95,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.