SL Green Realty (NYSE:SLG) Hits New 1-Year High at $72.24

SL Green Realty Corp. (NYSE:SLG)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $72.24 and last traded at $72.11, with a volume of 321234 shares traded. The stock had previously closed at $69.21.

Wall Street Analysts Forecast Growth

SLG has been the topic of several research reports. Piper Sandler raised their target price on SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Truist Financial increased their target price on SL Green Realty from $47.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, July 19th. BMO Capital Markets lifted their target price on SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. Bank of America lifted their price target on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Finally, The Goldman Sachs Group raised their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $59.64.

SL Green Realty Price Performance

The stock has a fifty day moving average of $64.04 and a 200-day moving average of $56.71. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of -8.38, a P/E/G ratio of 2.15 and a beta of 1.83.

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

SL Green Realty Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend was Friday, August 30th. SL Green Realty’s payout ratio is -36.32%.

Institutional Trading of SL Green Realty

Several large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in SL Green Realty in the 2nd quarter worth approximately $29,000. Fidelis Capital Partners LLC acquired a new stake in shares of SL Green Realty in the 1st quarter valued at about $55,000. Rothschild Investment LLC acquired a new stake in SL Green Realty during the second quarter valued at approximately $55,000. GAMMA Investing LLC raised its holdings in shares of SL Green Realty by 6.3% during the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock worth $182,000 after purchasing an additional 196 shares during the period. Finally, Meeder Advisory Services Inc. bought a new position in SL Green Realty in the first quarter worth about $201,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.