SL Green Realty (NYSE:SLG) Sets New 52-Week High – What’s Next?

SL Green Realty Corp. (NYSE:SLG)’s share price hit a new 52-week high on Thursday . The stock traded as high as $74.51 and last traded at $74.07, with a volume of 60984 shares. The stock had previously closed at $72.69.

Analyst Ratings Changes

Several brokerages have weighed in on SLG. Scotiabank upped their price objective 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. Compass Point upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and upped their target price for the stock from $35.00 to $60.00 in a research report on Wednesday, September 18th. The Goldman Sachs Group upped their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Piper Sandler upped their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Bank of America upped 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. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $60.43.

SL Green Realty Price Performance

The company’s fifty day moving average is $66.98 and its two-hundred day moving average is $59.32. The firm has a market capitalization of $4.96 billion, a price-to-earnings ratio of -8.95, a price-to-earnings-growth ratio of 1.86 and a beta of 1.83. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $1.21 by ($1.42). The business 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 19.31% and a negative return on equity of 3.92%. During the same quarter in the prior year, the company earned $1.27 earnings per share. Equities research analysts anticipate that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently announced a monthly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.00 annualized dividend and a yield of 3.99%. SL Green Realty’s dividend payout ratio (DPR) is presently -36.32%.

Institutional Investors Weigh In On SL Green Realty

Several large investors have recently made changes to their positions in SLG. Allspring Global Investments Holdings LLC bought a new stake in shares of SL Green Realty during the second quarter worth $29,000. Fidelis Capital Partners LLC bought a new position in SL Green Realty in the first quarter valued at $55,000. Rothschild Investment LLC bought a new position in SL Green Realty in the second quarter valued at $55,000. GAMMA Investing LLC grew its position in shares of SL Green Realty by 6.3% in the 1st quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock valued at $182,000 after acquiring an additional 196 shares during the period. Finally, Meeder Advisory Services Inc. bought a new position in shares of SL Green Realty in the 1st quarter valued at about $201,000. 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.