SL Green Realty (NYSE:SLG) Price Target Raised to $61.00

SL Green Realty (NYSE:SLG) had its price target hoisted by JPMorgan Chase & Co. from $51.00 to $61.00 in a research note issued to investors on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the real estate investment trust’s stock.

A number of other research analysts have also recently issued reports on SLG. Barclays set a $52.00 target price on SL Green Realty and gave the company an “equal weight” rating in a research note on Tuesday, July 21st. Wells Fargo & Company lifted their price objective on 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 lifted their price objective on SL Green Realty from $56.00 to $60.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 5th. Morgan Stanley set a $52.00 price objective on SL Green Realty and gave the company an “equal weight” rating in a research report on Wednesday, July 22nd. Finally, Evercore cut SL Green Realty from an “outperform” rating to an “in-line” rating and set a $56.00 target price for the company. in a research note on Monday, July 6th. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, SL Green Realty currently has an average rating of “Hold” and a consensus target price of $56.20.

SL Green Realty Price Performance

Shares of SLG stock opened at $57.87 on Tuesday. SL Green Realty has a 12-month low of $34.77 and a 12-month high of $66.29. The firm has a market capitalization of $4.12 billion, a price-to-earnings ratio of -21.20, a price-to-earnings-growth ratio of 2.58 and a beta of 1.58. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. The firm has a fifty day moving average of $53.43 and a 200-day moving average of $45.79.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.21. The business had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.63 EPS. On average, equities research analysts forecast that SL Green Realty will post 5.44 earnings per share for the current year.

SL Green Realty Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.6175 per share. This represents a $2.47 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Tuesday, June 30th. SL Green Realty’s dividend payout ratio is -90.48%.

Insider Transactions at SL Green Realty

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the sale, the insider owned 109,468 shares of the company’s stock, valued at $6,317,398.28. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 5.94% of the company’s stock.

Institutional Trading of SL Green Realty

Institutional investors have recently modified their holdings of the company. Triumph Capital Management bought a new position in shares of SL Green Realty during the third quarter worth about $45,000. Davis Capital Management acquired a new stake in SL Green Realty in the 1st quarter valued at approximately $46,000. Global Retirement Partners LLC bought a new stake in SL Green Realty in the 2nd quarter valued at approximately $53,000. Fourth Dimension Wealth LLC lifted its stake in SL Green Realty by 45.5% in the 4th quarter. Fourth Dimension Wealth LLC now owns 1,600 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 500 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its position in SL Green Realty by 30.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust’s stock worth $74,000 after acquiring an additional 378 shares during the last quarter. 89.96% of the stock is currently 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.