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

SL Green Realty (NYSE:SLG) had its price target cut by Jefferies Financial Group from $75.00 to $69.00 in a research note released on Thursday morning,Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

SLG has been the topic of several other reports. Piper Sandler reaffirmed an “overweight” rating and issued a $90.00 price objective (up from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Wells Fargo & Company upped their price target on SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 11th. Scotiabank increased 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 report on Tuesday, December 10th. Evercore ISI boosted their price target on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $87.00 price target (up from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and a consensus target price of $68.47.

SL Green Realty Stock Performance

SLG opened at $68.08 on Thursday. SL Green Realty has a 52-week low of $41.81 and a 52-week high of $82.81. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The business’s 50-day simple moving average is $74.46 and its 200 day simple moving average is $68.20. The firm has a market capitalization of $4.49 billion, a PE ratio of -27.23, a PEG ratio of 4.26 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The company 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 in the prior year, the business posted $1.27 EPS. As a group, sell-side analysts expect that SL Green Realty will post 7.82 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. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.2575 per share. This represents a $3.09 annualized dividend and a dividend yield of 4.54%. 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. SL Green Realty’s dividend payout ratio (DPR) is presently -123.60%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SLG. Rosenberg Matthew Hamilton grew its stake in shares of SL Green Realty by 6.6% in the third quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock worth $161,000 after acquiring an additional 144 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of SL Green Realty by 4.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 3,769 shares of the real estate investment trust’s stock valued at $262,000 after buying an additional 148 shares during the period. Versant Capital Management Inc boosted its stake in shares of SL Green Realty by 17.7% in the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 157 shares during the last quarter. MML Investors Services LLC grew its holdings in shares of SL Green Realty by 2.7% in the third quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 161 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of SL Green Realty by 5.1% during the 4th quarter. GAMMA Investing LLC now owns 4,192 shares of the real estate investment trust’s stock valued at $285,000 after purchasing an additional 203 shares during the period. 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.