SL Green Realty Corp. (NYSE:SLG) Receives $68.67 Average Price Target from Analysts

SL Green Realty Corp. (NYSE:SLG) has been assigned an average recommendation of “Hold” from the fifteen ratings firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, twelve have given a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $68.67.

Several analysts recently commented on SLG shares. Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $44.00 to $66.00 in a report on Friday, September 13th. Compass Point upped their target price on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Jefferies Financial Group raised their price objective on SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a research note on Friday, November 22nd. Morgan Stanley raised their target price on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upgraded SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th.

SL Green Realty Stock Performance

SLG opened at $68.07 on Friday. The business’s 50-day simple moving average is $75.74 and its 200 day simple moving average is $67.70. 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 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 1.81.

SL Green Realty (NYSE:SLG) last announced 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). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The business had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. During the same period last year, the firm earned $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 company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.2575 dividend. The ex-dividend date is Tuesday, December 31st. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 annualized dividend and a dividend yield of 4.54%. SL Green Realty’s dividend payout ratio (DPR) is currently -123.60%.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System lifted its stake in SL Green Realty by 1.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the real estate investment trust’s stock valued at $1,846,000 after acquiring an additional 500 shares in the last quarter. Bank of New York Mellon Corp boosted its position in SL Green Realty by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock worth $45,906,000 after purchasing an additional 14,167 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in SL Green Realty in the 2nd quarter valued at $29,000. Rothschild Investment LLC purchased a new stake in shares of SL Green Realty during the 2nd quarter valued at $55,000. Finally, Commonwealth Equity Services LLC grew its position in shares of SL Green Realty by 2.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 29,770 shares of the real estate investment trust’s stock valued at $1,686,000 after acquiring an additional 799 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.