SL Green Realty (NYSE:SLG) Price Target Raised to $72.00

SL Green Realty (NYSE:SLG) had its target price increased by Jefferies Financial Group from $70.00 to $72.00 in a report released on Friday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the company. BMO Capital Markets restated an “outperform” rating and set a $87.00 price objective (up previously from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. JPMorgan Chase & Co. raised their price objective on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 6th. Evercore ISI boosted their target price on shares of SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. The Goldman Sachs Group raised their price target on shares of SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Finally, Bank of America boosted their price objective on shares of SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and an average target price of $66.00.

SL Green Realty Stock Performance

SL Green Realty stock opened at $79.63 on Friday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06. The stock has a 50 day moving average of $73.89 and a 200-day moving average of $64.27. The stock has a market cap of $5.25 billion, a P/E ratio of -31.85, a price-to-earnings-growth ratio of 2.09 and a beta of 1.82. SL Green Realty has a 52 week low of $32.78 and a 52 week high of $82.81.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $1.21 by ($1.42). The company had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same period in the prior year, the business earned $1.27 earnings per share. On average, analysts expect that SL Green Realty will post 7.61 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Friday, November 29th. SL Green Realty’s dividend payout ratio is currently -120.00%.

Institutional Trading of SL Green Realty

A number of institutional investors have recently made changes to their positions in SLG. Venturi Wealth Management LLC lifted its position in SL Green Realty by 272.0% in the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 272 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of SL Green Realty in the second quarter valued at $29,000. Point72 DIFC Ltd bought a new position in SL Green Realty during the third quarter valued at about $35,000. Friedenthal Financial acquired a new position in SL Green Realty during the third quarter worth about $49,000. Finally, Rothschild Investment LLC bought a new stake in SL Green Realty in the second quarter worth about $55,000. 89.96% of the stock is 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.