SL Green Realty Corp. (NYSE:SLG) Receives $59.64 Consensus Target Price from Brokerages

Shares of SL Green Realty Corp. (NYSE:SLG) have been given a consensus recommendation of “Hold” by the thirteen ratings firms that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $60.43.

A number of brokerages recently commented on SLG. Compass Point raised SL Green Realty from a “sell” rating to a “neutral” rating and increased their price target for the company from $35.00 to $60.00 in a research report on Wednesday, September 18th. JPMorgan Chase & Co. lifted their target price on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 6th. Wells Fargo & Company increased their price target on shares of 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. StockNews.com raised shares of SL Green Realty to a “sell” rating in a research report on Friday, July 19th. Finally, Truist Financial raised their price target on shares of SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, July 19th.

SL Green Realty Trading Up 0.3 %

NYSE:SLG opened at $67.39 on Tuesday. The firm has a fifty day simple moving average of $66.24 and a two-hundred day simple moving average of $58.74. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $73.80. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of -8.08, a PEG ratio of 1.88 and a beta of 1.83. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. The business had revenue of $222.82 million during 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%. SL Green Realty’s quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.43 EPS. Analysts expect that SL Green Realty will post 7.58 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date of this dividend is Monday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Institutional Investors Weigh In On SL Green Realty

Large investors have recently made changes to their positions in the company. Miracle Mile Advisors LLC purchased a new position in SL Green Realty during the third quarter worth $209,000. GAMMA Investing LLC increased its holdings in SL Green Realty by 16.7% during the 3rd quarter. GAMMA Investing LLC now owns 3,989 shares of the real estate investment trust’s stock worth $278,000 after purchasing an additional 571 shares during the period. Cetera Investment Advisers raised its position in SL Green Realty by 204.4% during the 2nd quarter. Cetera Investment Advisers now owns 16,959 shares of the real estate investment trust’s stock valued at $961,000 after purchasing an additional 11,387 shares in the last quarter. Waterfall Asset Management LLC purchased a new stake in shares of SL Green Realty in the 2nd quarter worth $3,172,000. Finally, Lighthouse Investment Partners LLC grew its position in shares of 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 buying an additional 90,000 shares in the last quarter. 89.96% of the stock is 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.