SL Green Realty Corp. (NYSE:SLG) Receives $68.38 Consensus PT from Brokerages

SL Green Realty Corp. (NYSE:SLG) has received a consensus recommendation of “Hold” from the sixteen analysts that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $68.38.

Several equities analysts recently weighed in on SLG shares. BMO Capital Markets reissued an “outperform” rating and set a $87.00 price objective (up previously from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. JPMorgan Chase & Co. upgraded SL Green Realty from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $51.00 to $80.00 in a report on Tuesday, December 10th. Barclays increased their price objective on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Evercore ISI boosted their target price on shares of SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. Finally, Mizuho upped their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds have recently modified their holdings of SLG. FMR LLC grew 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 worth $4,050,000 after purchasing an additional 23,780 shares during the last quarter. Waterfall Asset Management LLC acquired a new position in SL Green Realty in the second quarter valued at about $3,172,000. Weiss Asset Management LP acquired a new position in SL Green Realty in the third quarter valued at about $771,000. Citigroup Inc. grew its stake in 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 worth $5,958,000 after buying an additional 30,220 shares during the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in shares of SL Green Realty during the third quarter worth approximately $876,000. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Trading Up 0.8 %

Shares of SLG stock opened at $65.85 on Thursday. The business’s 50 day moving average is $71.81 and its two-hundred day moving average is $68.89. 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 12 month low of $41.81 and a 12 month high of $82.81. The company has a market cap of $4.34 billion, a PE ratio of -26.34, a price-to-earnings-growth ratio of 5.08 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last announced its 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 firm had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. During the same quarter last year, the business earned $1.27 EPS. Equities analysts predict that SL Green Realty will post 7.83 EPS for the current year.

SL Green Realty Increases Dividend

The firm also recently announced a monthly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.2575 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $3.09 dividend on an annualized basis and a yield of 4.69%. 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%.

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.