SL Green Realty (NYSE:SLG) Price Target Increased to $80.00 by Analysts at Scotiabank

SL Green Realty (NYSE:SLG) had its target price boosted by Scotiabank from $68.00 to $80.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.

Several other equities research analysts have also issued reports on the company. The Goldman Sachs Group lifted their price objective on SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. StockNews.com upgraded SL Green Realty to a “sell” rating in a report on Friday, July 19th. Bank of America increased their price target 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. Truist Financial lifted their price objective on SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $87.00 price objective (up from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and an average price target of $65.57.

SL Green Realty Price Performance

SL Green Realty stock opened at $76.80 on Friday. The business’s 50 day simple moving average is $69.23 and its 200 day simple moving average is $60.73. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $79.08. The company has a market cap of $5.00 billion, a price-to-earnings ratio of -30.72, a PEG ratio of 2.02 and a beta of 1.83. The company has a current ratio of 2.58, a quick ratio of 2.59 and a debt-to-equity ratio of 1.07.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). The business had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same period last year, the firm earned $1.27 EPS. Sell-side analysts forecast that SL Green Realty will post 7.61 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 3.91%. SL Green Realty’s payout ratio is currently -120.00%.

Hedge Funds Weigh In On SL Green Realty

A number of institutional investors have recently bought and sold shares of the company. Rosenberg Matthew Hamilton increased its stake in SL Green Realty by 6.6% during the third quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock worth $161,000 after purchasing an additional 144 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of SL Green Realty by 4.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 3,769 shares of the real estate investment trust’s stock worth $262,000 after acquiring an additional 148 shares during the last quarter. Xponance Inc. increased its stake in SL Green Realty by 6.6% in the second quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock valued at $240,000 after purchasing an additional 262 shares during the period. Vert Asset Management LLC raised its stake in SL Green Realty by 1.5% during the 3rd quarter. Vert Asset Management LLC now owns 26,909 shares of the real estate investment trust’s stock valued at $1,873,000 after acquiring an additional 394 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its holdings in shares of SL Green Realty by 1.6% during the second quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the real estate investment trust’s stock worth $1,846,000 after purchasing an additional 500 shares during the period. 89.96% of the stock is owned by hedge funds and other 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.