SL Green Realty (NYSE:SLG) Given New $44.00 Price Target at JPMorgan Chase & Co.

SL Green Realty (NYSE:SLG) had its price target raised by JPMorgan Chase & Co. from $43.00 to $44.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has an underweight rating on the real estate investment trust’s stock.

A number of other brokerages have also recently weighed in on SLG. StockNews.com raised shares of SL Green Realty to a sell rating in a report on Saturday, February 3rd. BMO Capital Markets upgraded shares of SL Green Realty from a market perform rating to an outperform rating and upped their price target for the stock from $56.00 to $58.00 in a research report on Thursday, April 18th. Evercore ISI upped their price target on shares of SL Green Realty from $46.00 to $47.00 and gave the stock an underperform rating in a research report on Monday. The Goldman Sachs Group upped their price target on shares of SL Green Realty from $30.00 to $36.00 and gave the stock a sell rating in a research report on Thursday, January 11th. Finally, TheStreet upgraded shares of SL Green Realty from a d+ rating to a c- rating in a research report on Wednesday, January 10th. Six research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $47.00.

SL Green Realty Price Performance

Shares of NYSE:SLG opened at $51.27 on Thursday. SL Green Realty has a 1-year low of $20.51 and a 1-year high of $55.75. The company’s fifty day moving average is $50.51 and its two-hundred day moving average is $43.65. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.96 and a quick ratio of 2.23.

SL Green Realty Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a $0.25 dividend. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 5.85%. SL Green Realty’s payout ratio is -36.32%.

Insider Buying and Selling

In other news, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $44.37, for a total transaction of $227,085.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of the business. Deutsche Bank AG lifted its stake in SL Green Realty by 2,563.6% in the 3rd quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock valued at $74,573,000 after acquiring an additional 1,924,221 shares in the last quarter. Wellington Management Group LLP bought a new position in SL Green Realty during the third quarter worth $38,666,000. Norges Bank acquired a new stake in shares of SL Green Realty during the fourth quarter worth $18,664,000. Prospect Financial Services LLC acquired a new stake in shares of SL Green Realty during the fourth quarter worth $12,373,000. Finally, Kettle Hill Capital Management LLC acquired a new stake in shares of SL Green Realty during the fourth quarter worth $11,832,000. 89.96% of the stock is currently 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.