SL Green Realty Corp. (NYSE:SLG) Receives $68.67 Consensus PT from Brokerages

SL Green Realty Corp. (NYSE:SLG) has been assigned an average rating of “Hold” from the fifteen research firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $68.67.

Several research analysts have weighed in on SLG shares. Evercore ISI boosted their price objective on SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. Barclays boosted their price target on shares of SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Wells Fargo & Company raised their price objective on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. Jefferies Financial Group boosted their target price 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. Finally, Scotiabank raised their price target on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Tuesday, December 10th.

Institutional Trading of SL Green Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP grew its holdings in SL Green Realty by 50.5% during the 3rd 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings 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 buying an additional 356,275 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of SL Green Realty in the third quarter valued at approximately $18,811,000. Charles Schwab Investment Management Inc. grew its stake 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 valued at $88,275,000 after acquiring an additional 97,653 shares in the last quarter. Finally, Lighthouse Investment Partners LLC increased its holdings in SL Green Realty by 150.0% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock worth $8,496,000 after acquiring an additional 90,000 shares during the period. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Stock Up 1.1 %

SLG opened at $68.30 on Friday. SL Green Realty has a fifty-two week low of $41.81 and a fifty-two week high of $82.81. 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 company’s 50-day moving average is $75.90 and its 200 day moving average is $67.59. The firm has a market capitalization of $4.50 billion, a P/E ratio of -27.32, a PEG ratio of 4.26 and a beta of 1.81.

SL Green Realty (NYSE:SLG) last posted its earnings results 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). The firm had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same period in the prior year, the business earned $1.27 EPS. Research analysts expect that SL Green Realty will post 7.82 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The business 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 $0.2575 dividend. The ex-dividend date is Tuesday, December 31st. This is a boost from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 annualized dividend and a dividend yield of 4.52%. SL Green Realty’s payout ratio is -123.60%.

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.