Wells Fargo & Company Issues Pessimistic Forecast for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its price objective cut by Wells Fargo & Company from $76.00 to $69.00 in a report published on Monday morning,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

A number of other analysts also recently commented on the stock. Scotiabank boosted their price target on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Tuesday, December 10th. Truist Financial boosted their target price on SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a report on Monday, January 27th. BMO Capital Markets reiterated an “outperform” rating and set a $87.00 price target (up from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Evercore ISI upped their price objective on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Finally, JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and a consensus price target of $71.07.

SL Green Realty Trading Down 2.4 %

SLG opened at $65.80 on Monday. The stock has a market capitalization of $4.34 billion, a PE ratio of 822.55, a P/E/G ratio of 5.54 and a beta of 1.82. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.21 and a quick ratio of 2.58. SL Green Realty has a 12-month low of $41.88 and a 12-month high of $82.81. The firm’s fifty day moving average price is $69.49 and its 200 day moving average price is $69.46.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. As a group, research analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.2575 per share. This represents a $3.09 annualized dividend and a dividend yield of 4.70%. The ex-dividend date of this dividend is Friday, January 31st. SL Green Realty’s payout ratio is 3,862.50%.

Insider Buying and Selling

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now owns 2,052 shares in the company, valued at $136,047.60. This trade represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its holdings in SL Green Realty by 50.5% during the third quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock worth $202,777,000 after buying an additional 977,321 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in SL Green Realty by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock worth $88,275,000 after purchasing an additional 97,653 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in SL Green Realty by 1.8% during the 4th quarter. Allianz Asset Management GmbH now owns 534,159 shares of the real estate investment trust’s stock worth $36,280,000 after buying an additional 9,299 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of SL Green Realty by 396.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust’s stock worth $31,058,000 after acquiring an additional 356,275 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of SL Green Realty by 12.2% during the fourth quarter. Principal Financial Group Inc. now owns 342,758 shares of the real estate investment trust’s stock worth $23,280,000 after acquiring an additional 37,163 shares during the period. 89.96% of the stock is owned by institutional investors.

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.