SL Green Realty (NYSE:SLG) Upgraded by Barclays to “Equal Weight”

Barclays upgraded shares of SL Green Realty (NYSE:SLG) from an underweight rating to an equal weight rating in a report released on Wednesday morning, MarketBeat.com reports. They currently have $48.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $35.00.

A number of other equities research analysts also recently issued reports on the stock. StockNews.com raised shares of SL Green Realty to a sell rating in a research note on Saturday, February 3rd. BMO Capital Markets increased their price target on shares of SL Green Realty from $34.00 to $44.00 and gave the company a market perform rating in a report on Tuesday, December 5th. The Goldman Sachs Group lifted their price target on SL Green Realty from $30.00 to $36.00 and gave the stock a sell rating in a research report on Thursday, January 11th. Truist Financial downgraded SL Green Realty from a buy rating to a hold rating and upped their price objective for the company from $44.00 to $47.00 in a research report on Tuesday, January 16th. Finally, TheStreet upgraded SL Green Realty from a d+ rating to a c- rating in a report on Wednesday, January 10th. Four analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, SL Green Realty currently has an average rating of Hold and a consensus target price of $43.73.

SL Green Realty Stock Performance

Shares of NYSE SLG opened at $53.74 on Wednesday. The company has a market cap of $3.48 billion, a P/E ratio of -5.91, a P/E/G ratio of 1.76 and a beta of 1.70. SL Green Realty has a 52-week low of $19.50 and a 52-week high of $55.57. 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 firm’s fifty day moving average is $47.75 and its two-hundred day moving average is $41.65.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.58%. The ex-dividend date of this dividend is Wednesday, March 27th. SL Green Realty’s dividend payout ratio (DPR) is presently -33.00%.

Insider Activity

In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the firm’s stock in a transaction on 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 filing with the SEC, which can be accessed through this hyperlink. In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Betsy S. Atkins sold 9,894 shares of the company’s stock in a transaction that occurred on 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 sale, the director now directly owns 6,886 shares of the company’s stock, valued at approximately $325,363.50. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SLG. Vanguard Group Inc. boosted its position in SL Green Realty by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 10,324,945 shares of the real estate investment trust’s stock valued at $466,378,000 after purchasing an additional 43,241 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of SL Green Realty by 7.6% during the fourth quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock valued at $50,363,000 after buying an additional 78,322 shares during the last quarter. Prospect Financial Services LLC bought a new stake in shares of SL Green Realty in the 4th quarter valued at about $12,373,000. Legal & General Group Plc grew its position in shares of SL Green Realty by 3.8% in the 4th quarter. Legal & General Group Plc now owns 1,039,164 shares of the real estate investment trust’s stock worth $46,939,000 after buying an additional 37,655 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of SL Green Realty by 189.7% during the 4th quarter. Barclays PLC now owns 105,694 shares of the real estate investment trust’s stock worth $4,774,000 after acquiring an additional 69,212 shares in 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.