SL Green Realty (NYSE:SLG) Upgraded to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of SL Green Realty (NYSE:SLG) from an underweight rating to a neutral rating in a report issued on Tuesday, Marketbeat Ratings reports. They currently have $80.00 price target on the real estate investment trust’s stock, up from their prior price target of $51.00.

A number of other brokerages have also commented on SLG. Jefferies Financial Group increased their price target on SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a research note on Friday, November 22nd. Bank of America raised their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Morgan Stanley upped their price target on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 9th. BMO Capital Markets reissued an “outperform” rating and issued a $87.00 price objective (up from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Finally, Piper Sandler restated an “overweight” rating and set a $90.00 target price (up from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, SL Green Realty has a consensus rating of “Hold” and an average price target of $68.00.

SL Green Realty Trading Down 2.9 %

SL Green Realty stock opened at $74.21 on Tuesday. SL Green Realty has a 1 year low of $40.30 and a 1 year high of $82.81. The firm’s 50 day moving average price is $75.18 and its 200-day moving average price is $66.21. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market cap of $4.89 billion, a P/E ratio of -29.68, a PEG ratio of 3.68 and a beta of 1.81.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The company had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. During the same quarter in the previous year, the firm earned $1.27 EPS. On average, equities analysts predict that SL Green Realty will post 7.59 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.2575 dividend. This is a positive change from SL Green Realty’s previous monthly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. This represents a $3.09 dividend on an annualized basis and a yield of 4.16%. SL Green Realty’s dividend payout ratio (DPR) is presently -120.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SLG. Wellington Management Group LLP lifted its holdings in SL Green Realty by 50.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock valued at $202,777,000 after buying an additional 977,321 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of SL Green Realty by 396.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust’s stock worth $31,058,000 after acquiring an additional 356,275 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of SL Green Realty during the third quarter valued at approximately $18,811,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of SL Green Realty by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock valued at $88,275,000 after purchasing an additional 97,653 shares during the period. Finally, Lighthouse Investment Partners LLC grew its stake in SL Green Realty by 150.0% in the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock worth $8,496,000 after purchasing an additional 90,000 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors.

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.