SL Green Realty (NYSE:SLG) Given New $67.00 Price Target at Mizuho

SL Green Realty (NYSE:SLG) had its price target increased by Mizuho from $45.00 to $67.00 in a research note released on Tuesday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently commented on SLG. Piper Sandler reaffirmed an “overweight” rating and set a $90.00 price objective (up from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Barclays raised their price target on shares of SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $51.00 to $80.00 in a report on Tuesday, December 10th. Scotiabank raised their target price on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a report on Tuesday, December 10th. Finally, Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and boosted their target price for the company from $44.00 to $66.00 in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, thirteen 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 a consensus price target of $68.38.

SL Green Realty Stock Down 2.5 %

Shares of SL Green Realty stock opened at $65.63 on Tuesday. The company has a 50-day simple moving average of $74.27 and a two-hundred day simple moving average of $68.43. The stock has a market capitalization of $4.33 billion, a PE ratio of -26.25, a price-to-earnings-growth ratio of 4.26 and a beta of 1.82. SL Green Realty has a 52-week low of $41.81 and a 52-week high of $82.81. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58.

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 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 quarter in the previous year, the firm earned $1.27 earnings per share. On average, analysts anticipate that SL Green Realty will post 7.82 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.2575 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.09 annualized dividend and a yield of 4.71%. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. SL Green Realty’s payout ratio is currently -123.60%.

Institutional Trading of SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in SL Green Realty in the 2nd quarter worth $29,000. Commonwealth Equity Services LLC raised its stake in SL Green Realty by 2.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 29,770 shares of the real estate investment trust’s stock valued at $1,686,000 after purchasing an additional 799 shares during the period. Natixis Advisors LLC lifted its holdings in SL Green Realty by 10.9% in the 2nd quarter. Natixis Advisors LLC now owns 21,764 shares of the real estate investment trust’s stock worth $1,233,000 after purchasing an additional 2,145 shares in the last quarter. Rhumbline Advisers boosted its stake in SL Green Realty by 1.4% in the 2nd quarter. Rhumbline Advisers now owns 234,858 shares of the real estate investment trust’s stock worth $13,302,000 after purchasing an additional 3,255 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in SL Green Realty by 4.0% during the 2nd quarter. Victory Capital Management Inc. now owns 22,520 shares of the real estate investment trust’s stock valued at $1,276,000 after buying an additional 869 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors.

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.