Truist Financial Cuts SL Green Realty (NYSE:SLG) Price Target to $54.00

SL Green Realty (NYSE:SLG) had its price objective lowered by Truist Financial from $62.00 to $54.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.

A number of other brokerages have also issued reports on SLG. Wells Fargo & Company lowered their target price on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Scotiabank dropped their target price on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Friday, February 28th. Mizuho raised their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Barclays lowered their price target on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Finally, Morgan Stanley raised their price objective on SL Green Realty from $52.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 12th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, SL Green Realty has a consensus rating of “Hold” and a consensus target price of $68.13.

SL Green Realty Stock Performance

Shares of NYSE:SLG opened at $54.37 on Wednesday. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. SL Green Realty has a 12 month low of $45.15 and a 12 month high of $82.81. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of 679.63, a PEG ratio of 5.30 and a beta of 1.61. The firm’s 50-day moving average is $56.93 and its 200 day moving average is $66.30.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.13. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. The firm had revenue of $144.52 million for the quarter, compared to analysts’ expectations of $158.44 million. Research analysts predict that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be issued a dividend of $0.2575 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $1.03 annualized dividend and a dividend yield of 1.89%. SL Green Realty’s dividend payout ratio is presently -735.71%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SLG. Jones Financial Companies Lllp acquired a new position in shares of SL Green Realty during the fourth quarter valued at about $39,000. Quadrant Capital Group LLC raised its holdings in shares of SL Green Realty by 37.4% in the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 208 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of SL Green Realty by 17.7% during the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 157 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in shares of SL Green Realty during the fourth quarter valued at $75,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of SL Green Realty in the 4th quarter valued at $80,000. 89.96% of the stock is owned by institutional investors and hedge funds.

About SL Green Realty

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.