SL Green Realty (NYSE:SLG) Lifted to Outperform at BMO Capital Markets

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

A number of other brokerages have also issued reports on SLG. Truist Financial lowered shares of SL Green Realty from a buy rating to a hold rating and increased their target price for the stock from $44.00 to $47.00 in a research report on Tuesday, January 16th. Barclays raised shares of 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. The Goldman Sachs Group upped their target price on SL Green Realty from $30.00 to $36.00 and gave the stock a sell rating in a research note on Thursday, January 11th. Scotiabank raised their target price on SL Green Realty from $40.00 to $43.00 and gave the company a sector underperform rating in a report on Tuesday, April 2nd. Finally, 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 report on Monday, March 18th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, SL Green Realty presently has a consensus rating of Hold and an average price target of $47.00.

SL Green Realty Stock Performance

Shares of NYSE:SLG traded down $1.14 on Thursday, reaching $48.53. 2,191,351 shares of the company's stock were exchanged, compared to its average volume of 1,316,091. The company has a fifty day moving average of $49.83 and a 200-day moving average of $43.08. 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 $3.14 billion, a price-to-earnings ratio of -5.34, a PEG ratio of 1.62 and a beta of 1.71. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.93.

SL Green Realty Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 6.18%. The ex-dividend date of this dividend was Wednesday, March 27th. SL Green Realty's dividend payout ratio (DPR) is -33.00%.

Insider Activity at SL Green Realty

In related news, Director Betsy S. Atkins sold 9,894 shares of the firm'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 sale, the director now owns 6,886 shares of the company's stock, valued at approximately $325,363.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the transaction, the director now directly owns 6,886 shares of the company's stock, valued at approximately $325,363.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SLG. Private Trust Co. NA acquired a new position in SL Green Realty during the 4th quarter worth about $33,000. Financial Gravity Asset Management Inc. raised 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. raised its position 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 acquiring an additional 747 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of SL Green Realty in the 3rd quarter worth about $88,000. Finally, Advisory Services Network LLC bought a new position in shares of SL Green Realty in the 4th quarter worth about $95,000. 89.96% of the stock is owned by institutional investors and hedge funds.

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.