Barclays Raises SL Green Realty (NYSE:SLG) Price Target to $66.00

SL Green Realty (NYSE:SLG) had its price objective lifted by Barclays from $58.00 to $66.00 in a report released on Thursday morning, Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Several other research analysts also recently commented on SLG. Piper Sandler raised their price objective on SL Green Realty from $58.00 to $75.00 and gave the stock an overweight rating in a report on Wednesday, July 24th. BMO Capital Markets lifted their price objective on SL Green Realty from $58.00 to $72.00 and gave the company an outperform rating in a report on Tuesday, July 30th. Citigroup upgraded shares of SL Green Realty from a sell rating to a neutral rating and increased their target price for the stock from $44.00 to $66.00 in a report on Friday, September 13th. Bank of America boosted their price target on shares of SL Green Realty from $59.00 to $62.00 and gave the company a neutral rating in a report on Thursday, August 22nd. Finally, Compass Point upgraded shares of SL Green Realty from a sell rating to a neutral rating and increased their price objective for the company from $35.00 to $60.00 in a research note on Wednesday, September 18th. Three 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 stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $60.43.

SL Green Realty Trading Up 0.8 %

SL Green Realty stock opened at $67.91 on Thursday. The firm’s 50 day moving average price is $66.36 and its 200-day moving average price is $58.96. SL Green Realty has a 1 year low of $28.55 and a 1 year high of $73.80. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (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 business had revenue of $222.82 million for the quarter, compared to the consensus estimate of $133.83 million. During the same quarter in the previous year, the company posted $1.43 EPS. The company’s revenue was down 9.4% compared to the same quarter last year. As a group, equities research analysts anticipate that SL Green Realty will post 7.61 earnings per share for the current year.

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 annualized dividend and a dividend yield of 4.42%. SL Green Realty’s dividend payout ratio (DPR) is presently -112.36%.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently bought and sold shares of SLG. Miracle Mile Advisors LLC acquired a new stake in SL Green Realty during the third quarter valued at $209,000. GAMMA Investing LLC grew its stake in SL Green Realty by 16.7% in the 3rd quarter. GAMMA Investing LLC now owns 3,989 shares of the real estate investment trust’s stock valued at $278,000 after acquiring an additional 571 shares during the period. Cetera Investment Advisers increased its holdings in SL Green Realty by 204.4% in the 2nd quarter. Cetera Investment Advisers now owns 16,959 shares of the real estate investment trust’s stock worth $961,000 after acquiring an additional 11,387 shares in the last quarter. Waterfall Asset Management LLC acquired a new position in SL Green Realty during the second quarter worth $3,172,000. Finally, Lighthouse Investment Partners LLC increased its stake in shares of SL Green Realty by 150.0% during the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock worth $8,496,000 after purchasing an additional 90,000 shares in the last quarter. Hedge funds and other 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.