Piper Sandler Cuts SL Green Realty (NYSE:SLG) Price Target to $60.00

SL Green Realty (NYSE:SLG) had its price objective trimmed by Piper Sandler from $62.00 to $60.00 in a report released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

A number of other research analysts have also recently weighed in on the stock. Jefferies Financial Group raised shares of SL Green Realty from a “neutral” rating to a “buy” rating and lifted their price target for the company from $57.00 to $63.00 in a research report on Monday, October 13th. Wells Fargo & Company cut their target price on shares of SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. Mizuho reduced their target price on shares of SL Green Realty from $67.00 to $47.00 and set a “neutral” rating on the stock in a report on Friday, December 12th. JPMorgan Chase & Co. increased their price target on SL Green Realty from $69.00 to $71.00 and gave the company a “neutral” rating in a report on Thursday, October 9th. Finally, Citigroup raised SL Green Realty from a “neutral” rating to a “buy” rating and raised their price objective for the company from $65.00 to $70.00 in a research report on Friday, September 12th. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, SL Green Realty currently has an average rating of “Hold” and an average price target of $56.83.

SL Green Realty Price Performance

Shares of SL Green Realty stock opened at $47.89 on Monday. The business’s fifty day moving average price is $46.56 and its 200 day moving average price is $54.31. SL Green Realty has a twelve month low of $40.26 and a twelve month high of $68.14. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $3.42 billion, a P/E ratio of 4,793.39 and a beta of 1.60.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 EPS for the quarter, topping the consensus estimate of $1.34 by $0.24. The company had revenue of $244.82 million during the quarter, compared to analyst estimates of $170.27 million. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The firm’s revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.26 earnings per share. As a group, research analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were given a dividend of $0.2575 per share. This represents a c) annualized dividend and a dividend yield of 6.5%. The ex-dividend date of this dividend was Friday, November 28th. SL Green Realty’s dividend payout ratio is currently 30,900.00%.

Insider Buying and Selling

In other news, insider Andrew S. Levine sold 1,493 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $45.27, for a total transaction of $67,588.11. Following the completion of the transaction, the insider directly owned 7,045 shares of the company’s stock, valued at approximately $318,927.15. This represents a 17.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Marc Holliday sold 22,223 shares of the stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total value of $986,701.20. Following the completion of the sale, the chief executive officer directly owned 9,698 shares in the company, valued at $430,591.20. This represents a 69.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently bought and sold shares of SLG. Intech Investment Management LLC lifted its position in SL Green Realty by 36.9% in the first quarter. Intech Investment Management LLC now owns 48,390 shares of the real estate investment trust’s stock worth $2,792,000 after purchasing an additional 13,048 shares during the period. Goldman Sachs Group Inc. boosted its stake in SL Green Realty by 8.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust’s stock valued at $97,851,000 after purchasing an additional 130,206 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of SL Green Realty during the 2nd quarter valued at $225,000. American Century Companies Inc. bought a new stake in shares of SL Green Realty in the 2nd quarter worth $12,841,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of SL Green Realty by 10.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 524,251 shares of the real estate investment trust’s stock valued at $30,249,000 after buying an additional 50,450 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.