SL Green Realty (NYSE:SLG) Stock Gets Price Target Trim from Truist Financial

SL Green Realty (NYSE:SLG) had its price objective reduced by Truist Financial from $57.00 to $48.00 in a research note released on Tuesday, Marketbeat reports. They currently have a hold rating on the real estate investment trust’s stock.

SLG has been the topic of several other reports. Wall Street Zen raised shares of SL Green Realty from a “sell” rating to a “hold” rating in a research note on Saturday, October 24th. Weiss Ratings reiterated a “sell (d+)” rating on shares of SL Green Realty in a report on Tuesday, August 25th. Zacks Research cut SL Green Realty from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 21st. Wells Fargo & Company set a $56.50 target price on SL Green Realty and gave the company an “equal weight” rating in a research note on Tuesday, September 1st. Finally, LADENBURG THALM/SH SH boosted their target price on SL Green Realty from $42.00 to $46.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, SL Green Realty has a consensus rating of “Hold” and a consensus target price of $54.50.

SL Green Realty Stock Up 3.8%

Shares of SL Green Realty stock opened at $50.87 on Tuesday. SL Green Realty has a 1 year low of $34.77 and a 1 year high of $60.09. The company has a market cap of $3.62 billion, a P/E ratio of 9.82, a P/E/G ratio of 3.60 and a beta of 1.66. The company has a current ratio of 2.92, a quick ratio of 3.10 and a debt-to-equity ratio of 1.11. The stock has a 50-day moving average price of $51.52 and a 200 day moving average price of $46.85.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 earnings per share for the quarter, beating the consensus estimate of ($0.25) by $1.26. The company had revenue of $165.55 million for the quarter, compared to analysts’ expectations of $176.97 million. SL Green Realty had a negative return on equity of 3.18% and a negative net margin of 12.03%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.58 EPS. As a group, analysts expect that SL Green Realty will post 6.29 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $0.6175 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.9%. SL Green Realty’s dividend payout ratio (DPR) is currently -119.90%.

Insider Activity

In related news, insider Harrison Sitomer sold 23,113 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $57.71, for a total value of $1,333,851.23. Following the transaction, the insider directly owned 109,468 shares in the company, valued at approximately $6,317,398.28. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds have recently bought and sold shares of SLG. Pinnacle Wealth Planning Services Inc. grew its holdings in shares of SL Green Realty by 15.9% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,501 shares of the real estate investment trust’s stock worth $171,000 after purchasing an additional 481 shares during the last quarter. Allworth Financial LP lifted its holdings in SL Green Realty by 24.3% during the 2nd quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust’s stock valued at $132,000 after purchasing an additional 499 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in SL Green Realty during the 2nd quarter valued at about $33,000. Glenmede Trust Co. NA grew its stake in SL Green Realty by 3.8% during the first quarter. Glenmede Trust Co. NA now owns 17,370 shares of the real estate investment trust’s stock worth $642,000 after buying an additional 639 shares during the last quarter. Finally, Probity Advisors Inc. grew its stake in SL Green Realty by 6.1% during the third quarter. Probity Advisors Inc. now owns 11,546 shares of the real estate investment trust’s stock worth $565,000 after buying an additional 665 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.