SL Green Realty (NYSE:SLG) Given New $55.00 Price Target at Truist Financial

SL Green Realty (NYSE:SLG) had its target price raised by Truist Financial from $47.00 to $55.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.

Several other equities analysts also recently commented on SLG. JPMorgan Chase & Co. upped their price objective on shares of SL Green Realty from $43.00 to $44.00 and gave the company an underweight rating in a report on Thursday, April 25th. Morgan Stanley upped their price objective on shares of SL Green Realty from $41.00 to $47.00 and gave the stock an equal weight rating in a research report on Thursday, March 28th. Evercore ISI increased their target price on shares of SL Green Realty from $47.00 to $49.00 and gave the stock an underperform rating in a report on Monday, July 1st. Piper Sandler reissued an overweight rating and issued a $58.00 target price on shares of SL Green Realty in a report on Tuesday, March 26th. Finally, Scotiabank raised SL Green Realty from a sector underperform rating to a sector perform rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $46.08.

SL Green Realty Trading Up 1.9 %

Shares of SL Green Realty stock opened at $61.94 on Friday. The stock has a market capitalization of $4.08 billion, a P/E ratio of -7.50, a price-to-earnings-growth ratio of 1.12 and a beta of 1.83. The company has a quick ratio of 2.96, a current ratio of 2.59 and a debt-to-equity ratio of 0.99. The company has a 50-day simple moving average of $55.53 and a 200 day simple moving average of $51.21. SL Green Realty has a 12-month low of $28.55 and a 12-month high of $66.54.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company had revenue of $222.82 million during the quarter, compared to analysts’ expectations of $133.83 million. During the same quarter in the previous year, the company earned $1.43 EPS. SL Green Realty’s revenue was down 9.4% on a year-over-year basis. Research analysts expect that SL Green Realty will post 7.54 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, June 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.84%. SL Green Realty’s dividend payout ratio is presently -36.32%.

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in SL Green Realty by 0.6% in the first quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock worth $572,524,000 after purchasing an additional 60,032 shares during the last quarter. Wellington Management Group LLP increased its stake in SL Green Realty by 7.6% in the 4th quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock worth $50,363,000 after acquiring an additional 78,322 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in SL Green Realty by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,024,383 shares of the real estate investment trust’s stock worth $46,271,000 after acquiring an additional 30,289 shares during the last quarter. Russell Investments Group Ltd. increased its stake in SL Green Realty by 24.7% in the 1st quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock worth $44,067,000 after acquiring an additional 158,268 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of SL Green Realty in the 4th quarter worth approximately $18,664,000. 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.