Wells Fargo & Company Lowers SL Green Realty (NYSE:SLG) Price Target to $58.00

SL Green Realty (NYSE:SLG) had its price objective decreased by Wells Fargo & Company from $69.00 to $58.00 in a research report released on Monday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

A number of other analysts have also weighed in on SLG. Morgan Stanley raised their price objective on shares of SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 12th. Jefferies Financial Group assumed coverage on shares of SL Green Realty in a research note on Monday, March 17th. They issued a “hold” rating and a $58.00 price target for the company. Bank of America reduced their price target on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Truist Financial reduced their price target on shares of SL Green Realty from $62.00 to $54.00 and set a “hold” rating for the company in a research note on Wednesday, April 23rd. Finally, Barclays reduced their price target on shares of SL Green Realty from $76.00 to $60.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus price target of $66.33.

SL Green Realty Stock Down 0.8%

NYSE:SLG opened at $58.36 on Monday. The firm has a market cap of $4.16 billion, a P/E ratio of 729.50, a P/E/G ratio of 5.30 and a beta of 1.59. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. SL Green Realty has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The firm has a 50-day simple moving average of $54.85 and a two-hundred day simple moving average of $64.13.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.13. The business had revenue of $144.52 million during the quarter, compared to analyst estimates of $158.44 million. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. Analysts predict that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $0.2575 per share. This represents a $1.03 annualized dividend and a yield of 1.76%. SL Green Realty’s dividend payout ratio (DPR) is -735.71%.

Institutional Trading of SL Green Realty

Several large investors have recently added to or reduced their stakes in the business. Norinchukin Bank The grew its position in SL Green Realty by 6.6% during the fourth quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust’s stock valued at $212,000 after buying an additional 192 shares during the period. Quadrant Capital Group LLC grew its position in SL Green Realty by 37.4% during the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 208 shares during the period. Mackenzie Financial Corp grew its position in SL Green Realty by 4.7% during the first quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust’s stock valued at $307,000 after buying an additional 240 shares during the period. Nissay Asset Management Corp Japan ADV grew its position in SL Green Realty by 2.5% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 10,257 shares of the real estate investment trust’s stock valued at $592,000 after buying an additional 247 shares during the period. Finally, Natixis Advisors LLC lifted its holdings in SL Green Realty by 1.3% during the fourth quarter. Natixis Advisors LLC now owns 21,820 shares of the real estate investment trust’s stock valued at $1,482,000 after purchasing an additional 284 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors.

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.