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

Shares of SL Green Realty Corp. (NYSE:SLG) have been given a consensus rating of “Hold” by the fifteen analysts that are covering the company, MarketBeat Ratings 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 1-year target price among brokers that have covered the stock in the last year is $68.67.

SLG has been the subject of a number of research reports. Evercore ISI raised their price objective on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and boosted their price target for the company from $44.00 to $66.00 in a research note on Friday, September 13th. Barclays raised their price objective on shares of SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $51.00 to $80.00 in a report on Tuesday, December 10th. Finally, Wells Fargo & Company lifted their price target 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.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of SL Green Realty by 50.5% in the third quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock valued at $202,777,000 after buying an additional 977,321 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in SL Green Realty by 396.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust’s stock valued at $31,058,000 after acquiring an additional 356,275 shares during the period. Point72 Asset Management L.P. purchased a new stake in SL Green Realty during the third quarter valued at about $18,811,000. Charles Schwab Investment Management Inc. boosted its position in SL Green Realty by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock worth $88,275,000 after purchasing an additional 97,653 shares during the period. Finally, Lighthouse Investment Partners LLC increased its stake in shares of SL Green Realty by 150.0% in 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.

SL Green Realty Stock Performance

NYSE:SLG opened at $66.24 on Friday. The firm has a market capitalization of $4.37 billion, a P/E ratio of -26.50, a P/E/G ratio of 4.26 and a beta of 1.81. SL Green Realty has a twelve month low of $41.81 and a twelve month high of $82.81. The company has a fifty day moving average of $75.35 and a 200-day moving average of $67.89. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06.

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 company had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same quarter in the prior year, the company posted $1.27 EPS. As a group, sell-side analysts anticipate that SL Green Realty will post 7.82 EPS for the current year.

SL Green Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.2575 per share. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.66%. The ex-dividend date of this dividend is Tuesday, December 31st. SL Green Realty’s dividend payout ratio is currently -123.60%.

SL Green Realty Company Profile

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.