Scotiabank Boosts SL Green Realty (NYSE:SLG) Price Target to $80.00

SL Green Realty (NYSE:SLG) had its target price lifted by Scotiabank from $68.00 to $80.00 in a report released on Friday morning, Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Other equities analysts also recently issued research reports about the stock. Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and upped their price objective for the company from $44.00 to $66.00 in a report on Friday, September 13th. StockNews.com upgraded shares of SL Green Realty to a “sell” rating in a research note on Friday, July 19th. BMO Capital Markets reiterated an “outperform” rating and set a $87.00 price objective (up from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Wells Fargo & Company upped their target price on SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 11th. Finally, 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. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $65.57.

SL Green Realty Price Performance

Shares of SLG opened at $76.61 on Friday. The company has a 50 day moving average of $68.97 and a two-hundred day moving average of $60.50. The company has a quick ratio of 2.59, a current ratio of 2.58 and a debt-to-equity ratio of 1.07. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $79.08. The company has a market cap of $5.05 billion, a price-to-earnings ratio of -9.27, a price-to-earnings-growth ratio of 2.12 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last issued 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 business had revenue of $229.69 million for the quarter, compared to analysts’ expectations of $136.66 million. During the same quarter in the prior year, the company posted $1.27 EPS. As a group, analysts predict that SL Green Realty will post 7.62 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend is Thursday, October 31st. SL Green Realty’s dividend payout ratio is currently -36.32%.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently bought and sold shares of SLG. Monument Capital Management purchased a new stake in SL Green Realty during the first quarter worth $323,000. Abundance Wealth Counselors boosted its stake in shares of SL Green Realty by 29.8% during the 1st quarter. Abundance Wealth Counselors now owns 7,525 shares of the real estate investment trust’s stock worth $415,000 after acquiring an additional 1,727 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of SL Green Realty by 11.1% during the 1st quarter. Commonwealth Equity Services LLC now owns 28,971 shares of the real estate investment trust’s stock valued at $1,597,000 after acquiring an additional 2,898 shares during the period. Summit Place Financial Advisors LLC purchased a new position in shares of SL Green Realty in the 1st quarter valued at about $331,000. Finally, Janney Montgomery Scott LLC raised its holdings in SL Green Realty by 12.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 124,978 shares of the real estate investment trust’s stock worth $6,890,000 after purchasing an additional 13,412 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.