JPMorgan Chase & Co. Raises SL Green Realty (NYSE:SLG) Price Target to $44.00

SL Green Realty (NYSE:SLG) had its target price boosted by JPMorgan Chase & Co. from $43.00 to $44.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has an underweight rating on the real estate investment trust’s stock.

SLG has been the subject of several other research reports. BMO Capital Markets upgraded shares of SL Green Realty from a market perform rating to an outperform rating and upped their price target for the stock from $56.00 to $58.00 in a research report on Thursday, April 18th. TheStreet upgraded shares of SL Green Realty from a d+ rating to a c- rating in a report on Wednesday, January 10th. Morgan Stanley increased their price objective on shares of SL Green Realty from $41.00 to $47.00 and gave the company an equal weight rating in a report on Thursday, March 28th. Truist Financial downgraded shares of SL Green Realty from a buy rating to a hold rating and increased their price objective for the company from $44.00 to $47.00 in a report on Tuesday, January 16th. Finally, Piper Sandler reiterated an overweight rating and issued a $58.00 price objective on shares of SL Green Realty in a report on Tuesday, March 26th. Six investment analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $47.00.

SL Green Realty Stock Down 0.5 %

SLG opened at $50.61 on Thursday. SL Green Realty has a twelve month low of $20.51 and a twelve month 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 company has a 50-day moving average price of $50.58 and a 200 day moving average price of $43.83. The company has a market cap of $3.33 billion, a PE ratio of -6.13, a price-to-earnings-growth ratio of 1.38 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 paid a $0.25 dividend. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.93%. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Insider Activity

In other news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of SL Green Realty

Several hedge funds have recently made changes to their positions in the company. Private Trust Co. NA purchased a new position in shares of SL Green Realty during the 4th quarter worth approximately $33,000. Financial Gravity Asset Management Inc. boosted its position in shares of SL Green Realty by 3,073.3% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 922 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of SL Green Realty during the 3rd quarter worth approximately $88,000. Rosenberg Matthew Hamilton boosted its position in shares of 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 purchasing an additional 227 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of SL Green Realty by 122.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,732 shares of the real estate investment trust’s stock worth $102,000 after purchasing an additional 1,502 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.