SL Green Realty (NYSE:SLG) Price Target Raised to $67.00

SL Green Realty (NYSE:SLG) had its target price lifted by Mizuho from $45.00 to $67.00 in a research note published on Tuesday morning,Benzinga reports. Mizuho currently has a neutral rating on the real estate investment trust’s stock.

SLG has been the topic of a number of other reports. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $51.00 to $80.00 in a report on Tuesday, December 10th. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and upped their price objective for the company from $44.00 to $66.00 in a research report on Friday, September 13th. Wells Fargo & Company lifted their target price on SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. Barclays increased their price target on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. Finally, Scotiabank lifted their price objective on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Tuesday, December 10th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and an average target price of $68.38.

SL Green Realty Price Performance

Shares of SL Green Realty stock opened at $65.63 on Tuesday. The firm has a market cap of $4.33 billion, a PE ratio of -26.25, a PEG ratio of 4.26 and a beta of 1.82. The stock has a 50 day moving average of $74.27 and a 200 day moving average of $68.43. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06. SL Green Realty has a 12 month low of $41.81 and a 12 month high of $82.81.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The firm had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. During the same quarter in the prior year, the company posted $1.27 earnings per share. On average, research analysts expect that SL Green Realty will post 7.82 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.2575 dividend. This is a positive change from SL Green Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.71%. SL Green Realty’s payout ratio is presently -123.60%.

Institutional Investors Weigh In On SL Green Realty

Institutional investors and hedge funds have recently bought and sold shares of the company. Edgestream Partners L.P. increased its stake in shares of SL Green Realty by 40.1% during 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 buying an additional 35,178 shares during the period. Waterfall Asset Management LLC purchased a new position in SL Green Realty during the 2nd quarter valued at about $3,172,000. FMR LLC raised its holdings in shares of SL Green Realty by 69.1% in the 3rd quarter. FMR LLC now owns 58,185 shares of the real estate investment trust’s stock valued at $4,050,000 after purchasing an additional 23,780 shares in the last quarter. Weiss Asset Management LP purchased a new stake in shares of SL Green Realty in the 3rd quarter worth approximately $771,000. Finally, Citigroup Inc. boosted its stake in shares of SL Green Realty by 54.6% during the third quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust’s stock valued at $5,958,000 after purchasing an additional 30,220 shares in the last quarter. 89.96% of the stock is owned by 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.