JPMorgan Chase & Co. upgraded shares of SL Green Realty (NYSE:SLG – Free Report) from an underweight rating to a neutral rating in a research report released on Tuesday, MarketBeat reports. JPMorgan Chase & Co. currently has $80.00 price target on the real estate investment trust’s stock, up from their previous price target of $51.00.
Several other research firms have also recently issued reports on SLG. Compass Point set a $65.00 price objective on SL Green Realty and gave the company a “neutral” rating in a research report on Friday, October 18th. Barclays upped their price target on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. Bank of America boosted their target price on SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and raised their price target for the company from $44.00 to $66.00 in a report on Friday, September 13th. Finally, 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 report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus target price of $68.00.
View Our Latest Research Report on SLG
SL Green Realty Trading Down 2.9 %
SL Green Realty (NYSE:SLG – Get Free Report) 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 analysts’ expectations 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 company posted $1.27 earnings per share. As a group, equities analysts forecast that SL Green Realty will post 7.59 EPS for the current fiscal year.
SL Green Realty Increases Dividend
The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.2575 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 annualized dividend and a yield of 4.16%. SL Green Realty’s payout ratio is -120.00%.
Institutional Trading of SL Green Realty
A number of hedge funds and other institutional investors have recently bought and sold shares of SLG. Wellington Management Group LLP grew its stake in shares of SL Green Realty by 50.5% during the 3rd 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 acquiring an additional 977,321 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in SL Green Realty by 396.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust’s stock valued at $31,058,000 after purchasing an additional 356,275 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of SL Green Realty in the third quarter worth approximately $18,811,000. Charles Schwab Investment Management Inc. increased its stake in shares of SL Green Realty by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock worth $88,275,000 after purchasing an additional 97,653 shares in the last quarter. Finally, Lighthouse Investment Partners LLC raised 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 valued at $8,496,000 after purchasing an additional 90,000 shares during the period. Hedge funds and other institutional investors 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.
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