Scotiabank Cuts SL Green Realty (NYSE:SLG) Price Target to $59.00

SL Green Realty (NYSE:SLG) had its price objective trimmed by Scotiabank from $60.00 to $59.00 in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage currently has a sector outperform rating on the real estate investment trust’s stock.

Other analysts also recently issued reports about the stock. Wells Fargo & Company set a $56.50 price target on shares of SL Green Realty and gave the stock an “equal weight” rating in a research note on Tuesday, September 1st. Truist Financial set a $57.00 price objective on SL Green Realty and gave the stock a “hold” rating in a report on Monday, August 24th. LADENBURG THALM/SH SH lifted their price objective on SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. JPMorgan Chase & Co. boosted their target price on SL Green Realty from $51.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, August 25th. Finally, Morgan Stanley set a $52.00 target price on SL Green Realty and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $57.23.

SL Green Realty Trading Down 0.4%

SLG stock opened at $52.16 on Thursday. The company has a market capitalization of $3.71 billion, a PE ratio of -19.11, a price-to-earnings-growth ratio of 2.24 and a beta of 1.60. SL Green Realty has a one year low of $34.77 and a one year high of $63.03. The company’s 50 day moving average price is $54.36 and its two-hundred day moving average price is $47.36. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The company had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $179.01 million. During the same quarter in the prior year, the company earned $1.63 EPS. The firm’s revenue was up 16.5% on a year-over-year basis. As a group, analysts predict that SL Green Realty will post 5.56 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Wednesday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is -90.48%.

Insider Transactions at SL Green Realty

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the business’s stock in a transaction dated 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 owned 109,468 shares in the company, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.94% of the stock is currently owned by company insiders.

Institutional Trading of SL Green Realty

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in SL Green Realty during the 2nd quarter valued at about $706,881,000. Cohen & Steers Inc. purchased a new stake in SL Green Realty in the fourth quarter worth $121,675,000. Deutsche Bank AG purchased a new stake in SL Green Realty in the second quarter worth $58,202,000. Goldman Sachs Group Inc. boosted its holdings in SL Green Realty by 62.0% in the fourth 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 acquiring an additional 1,117,357 shares in the last quarter. Finally, Norges Bank bought a new stake in SL Green Realty in the fourth quarter valued at $44,094,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

About SL Green Realty

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and operating commercial properties in Manhattan. The company’s portfolio is centered on office buildings, with additional interests in retail, residential and other mixed-use real estate.

SL Green leases space to businesses across a range of industries and provides property management, leasing, development and redevelopment services. Its Manhattan holdings include prominent office properties such as One Vanderbilt, along with retail and hospitality-related assets.