SL Green Realty (NYSE:SLG) Price Target Increased to $66.00 by Analysts at Barclays

SL Green Realty (NYSE:SLG) had its target price hoisted by Barclays from $58.00 to $66.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently issued reports on SLG. StockNews.com raised SL Green Realty to a sell rating in a report on Friday, July 19th. Citigroup raised SL Green Realty from a sell rating to a neutral rating and increased their target price for the stock from $44.00 to $66.00 in a report on Friday, September 13th. Bank of America increased their target price on SL Green Realty from $59.00 to $62.00 and gave the stock a neutral rating in a report on Thursday, August 22nd. Wells Fargo & Company increased their target price on SL Green Realty from $43.00 to $63.00 and gave the stock an equal weight rating in a report on Wednesday, September 11th. Finally, BMO Capital Markets increased 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. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average target price of $60.43.

SL Green Realty Trading Up 0.8 %

SL Green Realty stock opened at $67.91 on Thursday. The business has a 50 day moving average price of $66.36 and a two-hundred day moving average price of $58.91. 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 cap of $4.47 billion, a price-to-earnings ratio of -8.22, a price-to-earnings-growth ratio of 1.86 and a beta of 1.83. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $73.80.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The firm had revenue of $222.82 million during the quarter, compared to analysts’ expectations of $133.83 million. During the same quarter in the prior year, the firm posted $1.43 EPS. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. As a group, equities analysts forecast that SL Green Realty will post 7.61 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a yield of 4.42%. SL Green Realty’s payout ratio is -36.32%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SLG. Brevan Howard Capital Management LP bought a new position in SL Green Realty in the 4th quarter valued at $1,144,000. Prospect Financial Services LLC acquired a new position in shares of SL Green Realty in the 4th quarter valued at $12,373,000. Wellington Management Group LLP lifted its stake in shares of SL Green Realty by 7.6% in the 4th quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock valued at $50,363,000 after purchasing an additional 78,322 shares during the period. Vanguard Group Inc. lifted its stake in shares of SL Green Realty by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 10,324,945 shares of the real estate investment trust’s stock valued at $466,378,000 after purchasing an additional 43,241 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of SL Green Realty by 6.3% in the 1st quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock valued at $182,000 after purchasing an additional 196 shares during the period. 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.