SL Green Realty (NYSE:SLG) Given New $70.00 Price Target at BTIG Research

SL Green Realty (NYSE:SLG) had its price objective decreased by BTIG Research from $75.00 to $70.00 in a report issued on Thursday morning, MarketBeat.com reports. BTIG Research currently has a buy rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the company. Truist Financial set a $44.00 price objective on SL Green Realty in a research note on Tuesday. Jefferies Financial Group upgraded shares of SL Green Realty from a “neutral” rating to a “buy” rating and boosted their target price for the company from $57.00 to $63.00 in a research note on Monday, October 13th. Mizuho reduced their price target on shares of SL Green Realty from $67.00 to $47.00 and set a “neutral” rating on the stock in a research report on Friday, December 12th. New Street Research set a $72.00 price objective on shares of SL Green Realty in a research report on Thursday, October 9th. Finally, Zacks Research downgraded SL Green Realty from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned 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 $54.55.

SL Green Realty Trading Down 0.1%

SLG opened at $42.43 on Thursday. SL Green Realty has a 12-month low of $40.26 and a 12-month high of $67.44. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.66 and a quick ratio of 3.22. The stock has a market capitalization of $3.03 billion, a PE ratio of -26.36 and a beta of 1.63. The firm’s fifty day moving average price is $45.73 and its 200 day moving average price is $52.05.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.03. The company had revenue of $159.82 million during the quarter, compared to analyst estimates of $162.73 million. SL Green Realty had a negative net margin of 9.66% and a negative return on equity of 2.44%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the business earned $1.81 EPS. 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 firm also recently announced a monthly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were paid a dividend of $0.2575 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a c) annualized dividend and a yield of 7.3%. SL Green Realty’s payout ratio is presently -191.93%.

Insider Transactions at SL Green Realty

In related news, insider Andrew S. Levine sold 1,493 shares of the business’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 sale, the insider owned 7,045 shares of the company’s stock, valued at $318,927.15. The trade was a 17.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Marc Holliday sold 22,223 shares of the stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total value of $986,701.20. Following the transaction, the chief executive officer directly owned 9,698 shares of the company’s stock, valued at approximately $430,591.20. The trade was a 69.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.04% of the stock is owned by insiders.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quent Capital LLC bought a new position in shares of SL Green Realty during the 3rd quarter valued at about $27,000. Salomon & Ludwin LLC purchased a new position in SL Green Realty in the 3rd quarter worth about $29,000. Whittier Trust Co. purchased a new position in shares of SL Green Realty in the third quarter worth approximately $29,000. Bessemer Group Inc. raised its holdings in shares of SL Green Realty by 67.8% during the second quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 253 shares during the period. Finally, Triumph Capital Management acquired a new position in SL Green Realty in the 3rd quarter worth approximately $45,000. 89.96% of the stock is currently owned by institutional investors.

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.