SL Green Realty (NYSE:SLG) Price Target Cut to $58.00 by Analysts at Wells Fargo & Company

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

A number of other research firms have also weighed in on SLG. Evercore ISI raised shares of SL Green Realty from an “in-line” rating to an “outperform” rating and lowered their price target for the company from $74.00 to $73.00 in a report on Monday, March 17th. Bank of America reduced their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Morgan Stanley increased 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. Piper Sandler reduced their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Finally, Truist Financial reduced their price objective on shares of SL Green Realty from $62.00 to $54.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and a consensus target price of $66.33.

SL Green Realty Price Performance

SLG opened at $55.53 on Monday. The company has a fifty day simple moving average of $54.89 and a 200 day simple moving average of $64.03. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of 694.09, a PEG ratio of 5.30 and a beta of 1.59. SL Green Realty has a twelve month low of $45.15 and a twelve month high of $82.81. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results 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%. Equities research analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a $0.2575 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.85%. SL Green Realty’s payout ratio is currently -735.71%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Norinchukin Bank The lifted its position in shares of SL Green Realty by 6.6% in the 4th quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust’s stock worth $212,000 after buying an additional 192 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of SL Green Realty by 37.4% in the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 208 shares during the period. Mackenzie Financial Corp increased its holdings in shares of SL Green Realty by 4.7% in the 1st quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust’s stock worth $307,000 after acquiring an additional 240 shares during the period. Nissay Asset Management Corp Japan ADV increased its holdings in shares of SL Green Realty by 2.5% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 10,257 shares of the real estate investment trust’s stock worth $592,000 after acquiring an additional 247 shares during the period. Finally, Natixis Advisors LLC increased its holdings in shares of SL Green Realty by 1.3% in the 4th quarter. Natixis Advisors LLC now owns 21,820 shares of the real estate investment trust’s stock worth $1,482,000 after acquiring an additional 284 shares during the period. 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.