SL Green Realty (NYSE:SLG) Sees Unusually-High Trading Volume After Analyst Upgrade

SL Green Realty Corp. (NYSE:SLG) shares saw an uptick in trading volume on Friday after Jefferies Financial Group raised their price target on the stock from $70.00 to $72.00. Jefferies Financial Group currently has a hold rating on the stock. 1,084,253 shares were traded during trading, an increase of 13% from the previous session’s volume of 955,654 shares.The stock last traded at $80.40 and had previously closed at $79.15.

SLG has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their price target on shares of SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 6th. Barclays increased their target price on SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Morgan Stanley raised their price target on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $44.00 to $66.00 in a research report on Friday, September 13th. Finally, BMO Capital Markets restated an “outperform” rating and set a $87.00 target price (up from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $66.00.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Venturi Wealth Management LLC increased its position in SL Green Realty by 272.0% during the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 272 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in SL Green Realty during the 2nd quarter worth about $29,000. Point72 DIFC Ltd acquired a new position in SL Green Realty in the 3rd quarter valued at about $35,000. Friedenthal Financial purchased a new position in SL Green Realty in the 3rd quarter valued at about $49,000. Finally, Rothschild Investment LLC acquired a new stake in shares of SL Green Realty during the 2nd quarter worth about $55,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Trading Up 0.6 %

The business’s fifty day moving average price is $73.89 and its 200 day moving average price is $64.18. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $5.25 billion, a PE ratio of -31.85, a P/E/G ratio of 2.09 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). The business 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 quarter last year, the business earned $1.27 EPS. As a group, analysts expect that SL Green Realty Corp. will post 7.61 EPS for the current fiscal year.

SL Green Realty Announces Dividend

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

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.