SL Green Realty (NYSE:SLG) Stock Price Expected to Rise, Scotiabank Analyst Says

SL Green Realty (NYSE:SLG) had its price target raised by Scotiabank from $80.00 to $81.00 in a research note released on Tuesday,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group lifted their price objective on SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, November 22nd. Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $44.00 to $66.00 in a research note on Friday, September 13th. Morgan Stanley upped their price target on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 9th. BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 price objective (up from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Finally, Piper Sandler restated an “overweight” rating and set a $90.00 target price (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $68.00.

SL Green Realty Stock Performance

NYSE SLG opened at $74.21 on Tuesday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market capitalization of $4.89 billion, a PE ratio of -29.68, a price-to-earnings-growth ratio of 3.68 and a beta of 1.81. SL Green Realty has a 52-week low of $40.30 and a 52-week high of $82.81. The company has a 50-day simple moving average of $75.18 and a 200 day simple moving average of $66.21.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) 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 firm had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. During the same quarter in the previous year, the company posted $1.27 EPS. On average, research analysts predict that SL Green Realty will post 7.59 EPS for the current year.

SL Green Realty Increases Dividend

The firm also recently declared 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 represents a $3.09 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date is Tuesday, December 31st. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. SL Green Realty’s dividend payout ratio (DPR) is -120.00%.

Institutional Investors Weigh In On SL Green Realty

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Venturi Wealth Management LLC grew its stake in SL Green Realty by 272.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 272 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in SL Green Realty in the second quarter valued at $29,000. Point72 DIFC Ltd bought a new position in SL Green Realty in the third quarter valued at $35,000. Friedenthal Financial bought a new stake in SL Green Realty during the third quarter worth about $49,000. Finally, Rothschild Investment LLC purchased a new position in shares of SL Green Realty in the 2nd quarter worth about $55,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.