SL Green Realty (NYSE:SLG) Sees Large Volume Increase After Analyst Upgrade

SL Green Realty Corp. (NYSE:SLG) saw an uptick in trading volume on Friday after Jefferies Financial Group raised their price target on the stock from $70.00 to $72.00. Jefferies Financial Group currently has a hold rating on the stock. 1,084,253 shares traded hands during trading, an increase of 13% from the previous session’s volume of 955,654 shares.The stock last traded at $80.40 and had previously closed at $79.15.

SLG has been the subject of a number of other research reports. Bank of America upped their price objective on shares of SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Wells Fargo & Company boosted their price objective 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. Compass Point set a $65.00 price objective on SL Green Realty and gave the stock a “neutral” rating in a research report on Friday, October 18th. Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and increased their price target for the stock from $44.00 to $66.00 in a research note on Friday, September 13th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 price objective (up previously from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $66.00.

Institutional Investors Weigh In On SL Green Realty

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in SL Green Realty by 0.6% during the first quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock valued at $572,524,000 after purchasing an additional 60,032 shares during the period. Wellington Management Group LLP grew its position in SL Green Realty by 50.5% during the third quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock valued at $202,777,000 after buying an additional 977,321 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in SL Green Realty by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock valued at $88,275,000 after buying an additional 97,653 shares during the last quarter. Dimensional Fund Advisors LP raised its position in SL Green Realty by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after acquiring an additional 88,309 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in SL Green Realty by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock valued at $45,906,000 after purchasing an additional 14,167 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Price Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. The stock has a market cap of $5.25 billion, a P/E ratio of -31.85, a P/E/G ratio of 2.09 and a beta of 1.82. The firm has a 50 day moving average price of $73.89 and a 200 day moving average price of $64.18.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). The firm had revenue of $229.69 million for 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 quarter in the previous year, the business earned $1.27 earnings per share. On average, analysts forecast that SL Green Realty Corp. will post 7.61 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.25 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.00 dividend on an annualized basis and a yield of 3.77%. SL Green Realty’s dividend payout ratio is currently -120.00%.

About SL Green Realty

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.