SL Green Realty (NYSE:SLG) Price Target Increased to $63.00 by Analysts at Wells Fargo & Company

SL Green Realty (NYSE:SLG) had its target price upped by Wells Fargo & Company from $43.00 to $63.00 in a research report released on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently commented on SLG. BMO Capital Markets boosted their price target on SL Green Realty from $58.00 to $72.00 and gave the stock an outperform rating in a report on Tuesday, July 30th. Scotiabank increased their target price on shares of SL Green Realty from $53.00 to $68.00 and gave the stock a sector perform rating in a report on Wednesday, August 7th. Evercore ISI increased their price objective on shares of SL Green Realty from $54.00 to $55.00 and gave the company an underperform rating in a research note on Wednesday, August 28th. Bank of America raised 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. Finally, The Goldman Sachs Group upped their price target on shares of SL Green Realty from $38.00 to $42.00 and gave the stock a sell rating in a report on Wednesday, July 31st. Six analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $54.43.

SL Green Realty Trading Up 4.5 %

Shares of SL Green Realty stock opened at $67.06 on Wednesday. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty has a 12-month low of $28.55 and a 12-month high of $68.92. The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of -8.12, a PEG ratio of 1.97 and a beta of 1.83. The firm’s 50-day moving average price is $62.97 and its two-hundred day moving average price is $56.03.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The business had revenue of $222.82 million for the quarter, compared to analyst estimates of $133.83 million. During the same quarter last year, the business posted $1.43 EPS. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. On average, analysts forecast that SL Green Realty will post 7.58 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, August 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.47%. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Institutional Trading of SL Green Realty

Several institutional investors have recently added to or reduced their stakes in SLG. Cetera Investment Advisers lifted its position in shares of SL Green Realty by 204.4% in the 2nd quarter. Cetera Investment Advisers now owns 16,959 shares of the real estate investment trust’s stock worth $961,000 after purchasing an additional 11,387 shares during the period. Waterfall Asset Management LLC acquired a new position in SL Green Realty in the second quarter valued at $3,172,000. Lighthouse Investment Partners LLC boosted its position in SL Green Realty by 150.0% during the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after acquiring an additional 90,000 shares during the last quarter. Mackenzie Financial Corp grew its holdings in SL Green Realty by 11.6% during the 2nd quarter. Mackenzie Financial Corp now owns 5,088 shares of the real estate investment trust’s stock worth $288,000 after acquiring an additional 530 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of SL Green Realty by 3.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,780 shares of the real estate investment trust’s stock worth $2,310,000 after acquiring an additional 1,459 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.