SL Green Realty (NYSE:SLG) Sees Large Volume Increase Following Analyst Upgrade

Shares of SL Green Realty Corp. (NYSE:SLG) saw an uptick in trading volume on Friday after Jefferies Financial Group raised their price target on the stock from $70.00 to $72.00. Jefferies Financial Group currently has a hold rating on the stock. 1,084,253 shares changed hands during mid-day trading, an increase of 13% from the previous session’s volume of 955,654 shares.The stock last traded at $80.40 and had previously closed at $79.15.

SLG has been the subject of a number of other reports. Scotiabank raised their target price on shares of SL Green Realty from $68.00 to $80.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. BMO Capital Markets restated an “outperform” rating and issued a $87.00 target price (up from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Bank of America upped their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Morgan Stanley lifted their price target on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 9th. Finally, Barclays upped their price objective on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $66.00.

Institutional Investors Weigh In On SL Green Realty

A number of institutional investors and hedge funds have recently modified their holdings of SLG. Rosenberg Matthew Hamilton increased its stake in SL Green Realty by 6.6% in the third quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock worth $161,000 after purchasing an additional 144 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in SL Green Realty by 4.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 3,769 shares of the real estate investment trust’s stock worth $262,000 after purchasing an additional 148 shares during the period. MML Investors Services LLC raised its holdings in shares of SL Green Realty by 2.7% in the third quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 161 shares in the last quarter. Xponance Inc. lifted its position in shares of SL Green Realty by 6.6% in the 2nd quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock worth $240,000 after purchasing an additional 262 shares during the period. Finally, Venturi Wealth Management LLC increased its holdings in SL Green Realty by 272.0% during the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 272 shares during the period. 89.96% of the stock is owned by institutional investors.

SL Green Realty Trading Up 0.6 %

The stock has a market capitalization of $5.25 billion, a P/E ratio of -31.85, a price-to-earnings-growth ratio of 2.09 and a beta of 1.82. The company has a 50-day moving average price of $73.89 and a 200 day moving average price of $64.18. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The firm had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. During the same period in the previous year, the firm earned $1.27 EPS. On average, research analysts forecast that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.00 annualized dividend and a dividend yield of 3.77%. SL Green Realty’s dividend payout ratio is presently -120.00%.

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.