SL Green Realty (NYSE:SLG) Stock Gets Price Target Reduction from Wells Fargo & Company

SL Green Realty (NYSE:SLG) had its price target decreased by Wells Fargo & Company from $56.50 to $54.00 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.

Several other equities analysts also recently issued reports on the stock. Zacks Research downgraded shares of SL Green Realty from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 21st. Scotiabank dropped their price objective on SL Green Realty from $60.00 to $59.00 and set a “sector outperform” rating on the stock in a report on Thursday, September 17th. Mizuho set a $53.00 target price on SL Green Realty in a research report on Tuesday, September 8th. Evercore set a $60.00 target price on SL Green Realty in a report on Monday, September 21st. Finally, Piper Sandler reissued an “overweight” rating and issued a $62.00 target price (down from $64.00) on shares of SL Green Realty in a research report on Monday, October 26th. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and an average target price of $54.35.

SL Green Realty Stock Up 9.0%

Shares of NYSE:SLG opened at $53.82 on Monday. The company has a market capitalization of $3.83 billion, a PE ratio of -26.12, a P/E/G ratio of 3.63 and a beta of 1.71. The company has a current ratio of 2.92, a quick ratio of 3.10 and a debt-to-equity ratio of 1.11. SL Green Realty has a twelve month low of $34.77 and a twelve month high of $60.09. The firm has a 50 day simple moving average of $50.91 and a 200-day simple moving average of $46.90.

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

SL Green Realty Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Wednesday, September 30th. SL Green Realty’s payout ratio is presently -119.90%.

Insider Activity at SL Green Realty

In related news, insider Harrison Sitomer sold 23,113 shares of the company’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 completion of the sale, the insider owned 109,468 shares in the company, valued at $6,317,398.28. This represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.94% of the stock is owned by insiders.

Institutional Trading of SL Green Realty

A number of large investors have recently bought and sold shares of the business. Pinnacle Wealth Planning Services Inc. lifted its stake 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 acquiring an additional 481 shares during the period. Allworth Financial LP boosted its holdings in shares of SL Green Realty by 24.3% in the second quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust’s stock valued at $132,000 after acquiring an additional 499 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of SL Green Realty during the second quarter worth about $33,000. Glenmede Trust Co. NA increased its stake in shares of 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 acquiring an additional 639 shares during the period. Finally, Probity Advisors Inc. increased its stake in shares of 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 acquiring an additional 665 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.