SL Green Realty (NYSE:SLG) Lifted to “Outperform” at BMO Capital Markets

BMO Capital Markets upgraded shares of SL Green Realty (NYSE:SLG) from a market perform rating to an outperform rating in a research report sent to investors on Thursday, MarketBeat reports. The brokerage currently has $58.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $56.00.

Several other research analysts have also recently weighed in on SLG. Truist Financial cut SL Green Realty from a buy rating to a hold rating and upped their price objective for the stock from $44.00 to $47.00 in a research report on Tuesday, January 16th. StockNews.com upgraded shares of SL Green Realty to a sell rating in a report on Saturday, February 3rd. TheStreet upgraded shares of SL Green Realty from a d+ rating to a c- rating in a report on Wednesday, January 10th. Evercore ISI lowered shares of SL Green Realty from an in-line rating to an underperform rating and set a $44.00 price target on the stock. in a research note on Monday, March 18th. Finally, Barclays upgraded shares of SL Green Realty from an underweight rating to an equal weight rating and increased their price objective for the stock from $35.00 to $48.00 in a research note on Wednesday, March 27th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SL Green Realty has an average rating of Hold and an average target price of $47.00.

SL Green Realty Stock Down 2.3 %

SLG opened at $48.53 on Thursday. The firm’s fifty day simple moving average is $49.83 and its 200 day simple moving average is $43.08. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.93. SL Green Realty has a 12 month low of $20.51 and a 12 month high of $55.75.

SL Green Realty Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.00 annualized dividend and a dividend yield of 6.18%. SL Green Realty’s dividend payout ratio is currently -36.32%.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Betsy S. Atkins sold 9,894 shares of the stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the transaction, the director now owns 6,886 shares in the company, valued at $325,363.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The disclosure for this sale can be found here. 5.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James & Associates raised its stake in SL Green Realty by 24.8% in the 1st quarter. Raymond James & Associates now owns 9,662 shares of the real estate investment trust’s stock worth $784,000 after purchasing an additional 1,923 shares in the last quarter. HighTower Advisors LLC acquired a new stake in shares of SL Green Realty in the first quarter valued at approximately $278,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in SL Green Realty during the first quarter worth approximately $662,000. MetLife Investment Management LLC increased its stake in SL Green Realty by 27.2% during the 1st quarter. MetLife Investment Management LLC now owns 41,120 shares of the real estate investment trust’s stock worth $3,338,000 after acquiring an additional 8,784 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in SL Green Realty by 6.2% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,494 shares of the real estate investment trust’s stock valued at $1,907,000 after acquiring an additional 1,371 shares in the last quarter. Institutional investors and hedge funds 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.