SL Green Realty (NYSE:SLG) Price Target Lowered to $69.00 at Jefferies Financial Group

SL Green Realty (NYSE:SLG) had its price objective decreased by Jefferies Financial Group from $75.00 to $69.00 in a research report sent to investors on Thursday morning,Benzinga reports. Jefferies Financial Group currently has a hold rating on the real estate investment trust’s stock.

Several other research firms have also commented on SLG. Wells Fargo & Company lifted their price target on SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 11th. Piper Sandler reaffirmed an “overweight” rating and issued a $90.00 target price (up from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th. Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and upped their target price for the company from $44.00 to $66.00 in a report on Friday, September 13th. Finally, Barclays raised their price target on SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and an average target price of $68.47.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $68.38 on Thursday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. SL Green Realty has a 52 week low of $41.81 and a 52 week high of $82.81. The firm’s 50 day moving average is $74.63 and its two-hundred day moving average is $68.13. The firm has a market capitalization of $4.51 billion, a P/E ratio of -27.35, a P/E/G ratio of 4.26 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 for the quarter, compared to analyst estimates of $136.66 million. During the same quarter in the prior year, the business earned $1.27 earnings per share. Research analysts forecast that SL Green Realty will post 7.82 EPS 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 given a dividend of $0.2575 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.09 dividend on an annualized basis and a yield of 4.52%. This is a boost from SL Green Realty’s previous monthly dividend of $0.25. SL Green Realty’s payout ratio is presently -123.60%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Edgestream Partners L.P. lifted its position in shares of SL Green Realty by 40.1% in the second quarter. Edgestream Partners L.P. now owns 122,880 shares of the real estate investment trust’s stock valued at $6,960,000 after acquiring an additional 35,178 shares in the last quarter. Waterfall Asset Management LLC acquired a new stake in shares of SL Green Realty during the 2nd quarter worth about $3,172,000. FMR LLC grew its holdings in shares of SL Green Realty by 69.1% during the third quarter. FMR LLC now owns 58,185 shares of the real estate investment trust’s stock worth $4,050,000 after buying an additional 23,780 shares in the last quarter. Citigroup Inc. raised its position in shares of SL Green Realty by 54.6% in the third quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust’s stock valued at $5,958,000 after buying an additional 30,220 shares during the last quarter. Finally, Weiss Asset Management LP purchased a new position in shares of SL Green Realty during the third quarter valued at approximately $771,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.