SL Green Realty (NYSE:SLG) Price Target Raised to $81.00

SL Green Realty (NYSE:SLG) had its target price boosted by Scotiabank from $80.00 to $81.00 in a report issued on Tuesday,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Several other analysts have also recently commented on SLG. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and raised their target price for the stock from $44.00 to $66.00 in a research report on Friday, September 13th. Bank of America boosted their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. BMO Capital Markets reiterated an “outperform” rating and set a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Jefferies Financial Group upped their price target on shares of SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a report on Friday, November 22nd. Finally, Evercore ISI lifted their price target on 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. Two equities 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $68.67.

SL Green Realty Price Performance

SLG opened at $72.99 on Tuesday. 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 business has a fifty day simple moving average of $75.46 and a 200-day simple moving average of $66.47. SL Green Realty has a fifty-two week low of $40.30 and a fifty-two week high of $82.81.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The company had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same quarter last year, the business earned $1.27 EPS. On average, equities analysts predict that SL Green Realty will post 7.84 earnings per share for the current year.

SL Green Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.2575 per share. This is a boost from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 annualized dividend and a dividend yield of 4.23%. The ex-dividend date of this dividend is Tuesday, December 31st. SL Green Realty’s dividend payout ratio is -120.00%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Rosenberg Matthew Hamilton increased its stake in shares of SL Green Realty by 6.6% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock valued at $161,000 after buying an additional 144 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in SL Green Realty by 4.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 3,769 shares of the real estate investment trust’s stock worth $262,000 after purchasing an additional 148 shares during the period. MML Investors Services LLC increased its position in 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 purchasing an additional 161 shares during the period. Xponance Inc. raised its holdings in SL Green Realty by 6.6% during the 2nd quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock worth $240,000 after purchasing an additional 262 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its position in SL Green Realty by 272.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 272 shares during the period. Institutional investors own 89.96% of the company’s stock.

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.