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

SL Green Realty (NYSE:SLG - Free Report) had its target price hoisted by Evercore ISI from $46.00 to $47.00 in a research note issued to investors on Monday morning, Benzinga reports. Evercore ISI currently has an underperform rating on the real estate investment trust's stock.

SLG has been the subject of several other research reports. Piper Sandler reaffirmed an overweight rating and set a $58.00 price objective on shares of SL Green Realty in a report on Tuesday, March 26th. TheStreet raised SL Green Realty from a d+ rating to a c- rating in a research note on Wednesday, January 10th. Morgan Stanley raised their target price on SL Green Realty from $41.00 to $47.00 and gave the company an equal weight rating in a research note on Thursday, March 28th. StockNews.com upgraded shares of SL Green Realty to a sell rating in a research report on Saturday, February 3rd. Finally, Truist Financial downgraded shares of SL Green Realty from a buy rating to a hold rating and boosted their target price for the stock from $44.00 to $47.00 in a research note on Tuesday, January 16th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, SL Green Realty presently has an average rating of Hold and an average price target of $47.25.

SL Green Realty Stock Performance

SL Green Realty stock traded up $1.22 during mid-day trading on Monday, reaching $50.80. The company had a trading volume of 1,300,744 shares, compared to its average volume of 1,319,115. The company has a 50 day moving average of $50.04 and a 200-day moving average of $43.41. SL Green Realty has a 52 week low of $20.51 and a 52 week high of $55.75. The company has a quick ratio of 2.23, a current ratio of 2.96 and a debt-to-equity ratio of 1.01. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of -6.15, a PEG ratio of 1.34 and a beta of 1.71.

SL Green Realty Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a $0.25 dividend. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.91%. SL Green Realty's dividend payout ratio (DPR) is -36.32%.

Insider Buying and Selling at SL Green Realty

In related news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $227,085.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Betsy S. Atkins sold 9,894 shares of the 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 completion of the sale, the director now directly 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 Trading of SL Green Realty

A number of hedge funds have recently made changes to their positions in SLG. Private Trust Co. NA bought a new position in SL Green Realty in the 4th quarter valued at about $33,000. Financial Gravity Asset Management Inc. boosted its stake in 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 valued at $36,000 after purchasing an additional 922 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new position in SL Green Realty in the 3rd quarter valued at $88,000. Rosenberg Matthew Hamilton increased its position in SL Green Realty by 9.6% during the 4th quarter. Rosenberg Matthew Hamilton now owns 2,588 shares of the real estate investment trust's stock worth $117,000 after buying an additional 227 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of SL Green Realty by 122.1% during 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 in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

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.