SL Green Realty (NYSE:SLG) Upgraded at Compass Point

Compass Point upgraded shares of SL Green Realty (NYSE:SLG) from a sell rating to a neutral rating in a research report sent to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has $60.00 price target on the real estate investment trust’s stock, up from their previous price target of $35.00.

Other analysts have also issued reports about the stock. Piper Sandler boosted their price target on shares of SL Green Realty from $58.00 to $75.00 and gave the stock an overweight rating in a research note on Wednesday, July 24th. StockNews.com upgraded shares of SL Green Realty to a sell rating in a report on Friday, July 19th. Scotiabank boosted their price target on shares of SL Green Realty from $53.00 to $68.00 and gave the stock a sector perform rating in a research note on Wednesday, August 7th. Wells Fargo & Company increased their price objective on SL Green Realty from $43.00 to $63.00 and gave the company an equal weight rating in a research note on Wednesday, September 11th. Finally, JPMorgan Chase & Co. boosted their target price on SL Green Realty from $44.00 to $51.00 and gave the stock an underweight rating in a research note on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $59.64.

SL Green Realty Price Performance

SL Green Realty stock opened at $71.99 on Wednesday. The company’s 50 day simple moving average is $64.76 and its 200-day simple moving average is $57.09. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.59 and a current ratio of 2.59. SL Green Realty has a 1 year low of $28.55 and a 1 year high of $73.80. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of -8.72, a price-to-earnings-growth ratio of 2.22 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company had revenue of $222.82 million for the quarter, compared to analysts’ expectations of $133.83 million. During the same period in the prior year, the firm earned $1.43 earnings per share. The firm’s revenue was down 9.4% compared to the same quarter last year. As a group, equities research analysts expect that SL Green Realty will post 7.58 earnings per share for the current year.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a yield of 4.17%. SL Green Realty’s payout ratio is currently -36.32%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in SL Green Realty in the second quarter valued at $29,000. Fidelis Capital Partners LLC acquired a new stake in shares of SL Green Realty in the 1st quarter valued at about $55,000. Rothschild Investment LLC purchased a new position in SL Green Realty during the 2nd quarter worth approximately $55,000. GAMMA Investing LLC increased its position in SL Green Realty by 6.3% during the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock worth $182,000 after buying an additional 196 shares during the period. Finally, Meeder Advisory Services Inc. purchased a new stake in SL Green Realty in the first quarter valued at approximately $201,000. 89.96% of the stock is owned by hedge funds and other 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.