Jefferies Financial Group Begins Coverage on SL Green Realty (NYSE:SLG)

Jefferies Financial Group initiated coverage on shares of SL Green Realty (NYSE:SLG - Free Report) in a report released on Monday, Marketbeat Ratings reports. The firm issued a hold rating and a $58.00 price target on the real estate investment trust's stock.

SLG has been the topic of a number of other reports. Wells Fargo & Company reduced their target price on shares of SL Green Realty from $76.00 to $69.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. Truist Financial lifted their price target on shares of SL Green Realty from $61.00 to $62.00 and gave the company a "hold" rating in a research report on Monday, January 27th. Barclays lowered their price objective on SL Green Realty from $78.00 to $76.00 and set an "equal weight" rating for the company in a research report on Tuesday, January 28th. Evercore ISI upgraded SL Green Realty from an "in-line" rating to an "outperform" rating and reduced their target price for the company from $74.00 to $73.00 in a research report on Monday. Finally, Bank of America lowered their price target on SL Green Realty from $80.00 to $73.00 and set a "neutral" rating for the company in a report on Monday, January 27th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $69.87.

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SL Green Realty Price Performance

Shares of SLG stock traded down $0.87 during trading hours on Monday, reaching $57.40. The company had a trading volume of 1,412,262 shares, compared to its average volume of 841,748. SL Green Realty has a 12-month low of $47.22 and a 12-month high of $82.81. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 717.55, a PEG ratio of 5.30 and a beta of 1.82. The stock has a fifty day moving average of $63.42 and a 200-day moving average of $69.09.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, beating 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%. On average, equities analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.2575 per share. This is an increase from SL Green Realty's previous quarterly dividend of $0.25. This represents a $1.03 annualized dividend and a yield of 1.79%. The ex-dividend date is Monday, March 31st. SL Green Realty's dividend payout ratio is presently 3,862.50%.

Insiders Place Their Bets

In other news, Director Craig M. Hatkoff sold 3,455 shares of the company's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the sale, the director now owns 2,052 shares of the company's stock, valued at approximately $136,047.60. This 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 can be accessed through the SEC website. 5.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SLG. Victory Capital Management Inc. boosted its stake in shares of SL Green Realty by 6.1% in the 3rd quarter. Victory Capital Management Inc. now owns 23,900 shares of the real estate investment trust's stock valued at $1,664,000 after buying an additional 1,380 shares during the period. Metis Global Partners LLC raised its holdings in SL Green Realty by 31.3% in the third quarter. Metis Global Partners LLC now owns 6,674 shares of the real estate investment trust's stock valued at $465,000 after acquiring an additional 1,591 shares in the last quarter. Quest Partners LLC lifted its stake in SL Green Realty by 350.8% in the third quarter. Quest Partners LLC now owns 2,691 shares of the real estate investment trust's stock worth $187,000 after acquiring an additional 2,094 shares during the last quarter. LMR Partners LLP acquired a new position in SL Green Realty during the 3rd quarter worth approximately $365,000. Finally, Phocas Financial Corp. increased its position in shares of SL Green Realty by 52.5% in the 3rd quarter. Phocas Financial Corp. now owns 111,376 shares of the real estate investment trust's stock valued at $7,753,000 after purchasing an additional 38,349 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other 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.