SL Green Realty (NYSE:SLG) Price Target Raised to $75.00

SL Green Realty (NYSE:SLG) had its price target raised by Compass Point from $65.00 to $75.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

Several other equities analysts also recently issued reports on the stock. Bank of America upped their price objective on shares of SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Jefferies Financial Group upped their price objective on shares of SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a research note on Friday, November 22nd. Wells Fargo & Company upped their price objective on shares of 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. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $51.00 to $80.00 in a research note on Tuesday. Finally, BMO Capital Markets reissued an “outperform” rating and set a $87.00 price objective (up previously from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, SL Green Realty currently has an average rating of “Hold” and an average target price of $68.67.

SL Green Realty Stock Up 2.2 %

Shares of NYSE SLG opened at $74.60 on Wednesday. SL Green Realty has a 12-month low of $41.81 and a 12-month high of $82.81. The company has a market capitalization of $4.92 billion, a PE ratio of -29.78, a price-to-earnings-growth ratio of 3.49 and a beta of 1.81. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. The firm’s 50-day moving average is $75.46 and its two-hundred day moving average is $66.47.

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 (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The business had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. During the same period last year, the company earned $1.27 EPS. Equities analysts anticipate that SL Green Realty will post 7.84 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.2575 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.09 annualized dividend and a dividend yield of 4.14%. This is a positive change from SL Green Realty’s previous monthly dividend of $0.25. SL Green Realty’s dividend payout ratio is presently -120.00%.

Institutional Investors Weigh In On SL Green Realty

Several large investors have recently made changes to their positions in the business. Wellington Management Group LLP increased its position 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 worth $202,777,000 after acquiring an additional 977,321 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of SL Green Realty by 8.3% in 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 acquiring an additional 97,653 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of SL Green Realty by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after acquiring an additional 88,309 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of 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 acquiring an additional 14,167 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of SL Green Realty by 396.3% in the third 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 worth $31,058,000 after acquiring an additional 356,275 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.