SL Green Realty (NYSE:SLG) Lowered to “In-Line” Rating by Evercore

Evercore cut shares of SL Green Realty (NYSE:SLG) from an outperform rating to an in-line rating in a research note issued to investors on Monday morning, Marketbeat Ratings reports. Evercore currently has $56.00 target price on the real estate investment trust’s stock.

Several other brokerages have also recently commented on SLG. Truist Financial upped their target price on SL Green Realty from $44.00 to $46.00 and gave the company a “hold” rating in a report on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft upgraded shares of SL Green Realty from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $45.00 to $44.00 in a research report on Wednesday, March 18th. Wells Fargo & Company boosted their target price on shares of SL Green Realty from $40.00 to $44.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Scotiabank reiterated an “outperform” rating on shares of SL Green Realty in a report on Thursday, May 21st. Finally, Citigroup dropped their price objective on SL Green Realty from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, March 24th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, SL Green Realty currently has a consensus rating of “Hold” and a consensus price target of $50.95.

SL Green Realty Trading Up 0.7%

NYSE SLG traded up $0.38 on Monday, reaching $51.92. The company had a trading volume of 22,996 shares, compared to its average volume of 1,290,065. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of -20.63 and a beta of 1.58. The business has a 50 day moving average of $46.94 and a two-hundred day moving average of $43.64. The company has a debt-to-equity ratio of 1.18, a current ratio of 3.03 and a quick ratio of 3.03. SL Green Realty has a fifty-two week low of $34.77 and a fifty-two week high of $66.29.

SL Green Realty Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.6175 per share. This represents a $2.47 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Tuesday, June 30th. SL Green Realty’s payout ratio is -98.41%.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Cohen & Steers Inc. acquired a new position in SL Green Realty during the 4th quarter valued at about $121,675,000. Goldman Sachs Group Inc. boosted 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 worth $133,862,000 after acquiring an additional 1,117,357 shares during the last quarter. Norges Bank purchased a new position in SL Green Realty during the 4th quarter worth $44,094,000. M&T Bank Corp bought a new stake in shares of SL Green Realty in the 4th quarter worth $43,201,000. Finally, Victory Capital Management Inc. raised its holdings in shares of SL Green Realty by 535.3% in the fourth 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 purchasing an additional 933,272 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

About SL Green Realty

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.