SL Green Realty (NYSE:SLG) Price Target Cut to $69.00 by Analysts at JPMorgan Chase & Co.

SL Green Realty (NYSE:SLG - Free Report) had its price objective lowered by JPMorgan Chase & Co. from $70.00 to $69.00 in a report published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust's stock.

Several other research analysts also recently commented on the stock. Barclays dropped their price objective on shares of SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Piper Sandler dropped their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Wall Street Zen downgraded shares of SL Green Realty from a "hold" rating to a "sell" rating in a report on Saturday, May 24th. Jefferies Financial Group initiated coverage on shares of SL Green Realty in a report on Monday, March 17th. They set a "hold" rating and a $58.00 price objective for the company. Finally, Evercore ISI raised shares of SL Green Realty from an "in-line" rating to an "outperform" rating and dropped their price objective for the company from $74.00 to $73.00 in a report on Monday, March 17th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $65.60.

SL Green Realty Price Performance

SLG stock traded up $0.43 during trading on Wednesday, reaching $63.93. The company's stock had a trading volume of 841,408 shares, compared to its average volume of 878,758. SL Green Realty has a 1 year low of $45.15 and a 1 year high of $82.81. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $4.56 billion, a P/E ratio of -152.20 and a beta of 1.65. The company's fifty day moving average is $60.37 and its 200-day moving average is $60.39.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.40 EPS for the quarter, beating the consensus estimate of $1.27 by $0.13. SL Green Realty had a negative net margin of 1.30% and a negative return on equity of 0.98%. The business had revenue of $144.52 million during the quarter, compared to the consensus estimate of $158.44 million. On average, research analysts expect that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.2575 dividend. This represents a $1.03 annualized dividend and a yield of 1.61%. The ex-dividend date is Monday, June 30th. SL Green Realty's payout ratio is currently -735.71%.

Institutional Trading of SL Green Realty

Institutional investors have recently added to or reduced their stakes in the company. Walleye Capital LLC bought a new stake in SL Green Realty in the fourth quarter worth about $857,000. Summit Place Financial Advisors LLC lifted its stake in SL Green Realty by 149.6% in the first quarter. Summit Place Financial Advisors LLC now owns 17,845 shares of the real estate investment trust's stock worth $1,030,000 after purchasing an additional 10,695 shares during the last quarter. KBC Group NV lifted its stake in SL Green Realty by 20.9% in the first quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust's stock worth $193,000 after purchasing an additional 577 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in SL Green Realty by 6.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,741 shares of the real estate investment trust's stock worth $389,000 after purchasing an additional 384 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in SL Green Realty in the fourth quarter worth about $1,832,000. Institutional investors own 89.96% of the company's stock.

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.