SL Green Realty (NYSE:SLG) Shares Up 5%

SL Green Realty Corp. (NYSE:SLG) shares shot up 5% during trading on Wednesday . The stock traded as high as $53.01 and last traded at $52.97. 239,315 shares changed hands during trading, a decline of 82% from the average session volume of 1,309,437 shares. The stock had previously closed at $50.43.

Analyst Ratings Changes

Several equities research analysts have weighed in on SLG shares. Evercore ISI cut SL Green Realty from an “in-line” rating to an “underperform” rating and set a $44.00 target price for the company. in a report on Monday, March 18th. The Goldman Sachs Group boosted their price target on shares of SL Green Realty from $30.00 to $36.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Morgan Stanley increased their price objective on shares of SL Green Realty from $41.00 to $47.00 and gave the company an “equal weight” rating in a research note on Thursday. BMO Capital Markets upped their target price on SL Green Realty from $34.00 to $44.00 and gave the stock a “market perform” rating in a report on Tuesday, December 5th. Finally, TheStreet upgraded SL Green Realty from a “d+” rating to a “c-” rating in a report on Wednesday, January 10th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.09.

SL Green Realty Trading Up 2.6 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.23 and a current ratio of 2.23. The stock’s 50 day simple moving average is $48.00 and its 200-day simple moving average is $41.74.

SL Green Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.44%. The ex-dividend date is Wednesday, March 27th. SL Green Realty’s dividend payout ratio is presently -33.00%.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the sale, the director now directly owns 6,886 shares in the company, valued at approximately $325,363.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the transaction, the director now owns 6,886 shares in the company, valued at approximately $325,363.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The disclosure for this sale can be found here. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently made changes to their positions in the company. Raymond James & Associates increased its holdings in SL Green Realty by 24.8% in the first quarter. Raymond James & Associates now owns 9,662 shares of the real estate investment trust’s stock valued at $784,000 after buying an additional 1,923 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of SL Green Realty in the 1st quarter valued at about $278,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in SL Green Realty in the 1st quarter worth about $662,000. MetLife Investment Management LLC boosted its position in SL Green Realty by 27.2% during the first quarter. MetLife Investment Management LLC now owns 41,120 shares of the real estate investment trust’s stock worth $3,338,000 after purchasing an additional 8,784 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in SL Green Realty by 6.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,494 shares of the real estate investment trust’s stock valued at $1,907,000 after purchasing an additional 1,371 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Company Profile

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.