Morgan Stanley Cuts SL Green Realty (NYSE:SLG) Price Target to $36.00

SL Green Realty (NYSE:SLG) had its target price trimmed by Morgan Stanley from $43.00 to $36.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

SLG has been the topic of several other reports. Piper Sandler decreased their price objective on shares of SL Green Realty from $62.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, January 5th. Mizuho set a $38.00 price target on shares of SL Green Realty and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. decreased their price target on shares of SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, January 14th. The Goldman Sachs Group set a $37.00 price objective on shares of SL Green Realty and gave the company a “sell” rating in a research report on Friday, February 6th. Finally, Citigroup dropped their price objective on shares of SL Green Realty from $55.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, March 24th. Eight research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $51.45.

SL Green Realty Price Performance

NYSE:SLG opened at $36.05 on Tuesday. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of -22.39 and a beta of 1.61. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $66.91. The stock has a fifty day moving average of $39.61 and a 200 day moving average of $46.81. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.66 and a current ratio of 2.66.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The business had revenue of $159.82 million for the quarter, compared to analyst estimates of $162.73 million. During the same period in the prior year, the company earned $1.81 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, research analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a yield of 6.9%. The ex-dividend date of this dividend is Tuesday, March 31st. SL Green Realty’s payout ratio is -153.42%.

Institutional Trading of SL Green Realty

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cohen & Steers Inc. bought a new position in shares of SL Green Realty in the fourth quarter worth approximately $121,675,000. Goldman Sachs Group Inc. raised its holdings in SL Green Realty by 62.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock valued at $133,862,000 after buying an additional 1,117,357 shares during the last quarter. Norges Bank bought a new stake in SL Green Realty during the 4th quarter valued at $44,094,000. M&T Bank Corp purchased a new stake in SL Green Realty during the 4th quarter valued at $43,201,000. Finally, Victory Capital Management Inc. boosted its position in SL Green Realty by 535.3% during the 4th quarter. Victory Capital Management Inc. now owns 1,107,618 shares of the real estate investment trust’s stock valued at $50,806,000 after buying an additional 933,272 shares during the period. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.