SL Green Realty’s (SLG) “Outperform” Rating Reaffirmed at BMO Capital Markets

BMO Capital Markets reaffirmed their outperform rating on shares of SL Green Realty (NYSE:SLG) in a research note published on Monday morning, Benzinga reports. BMO Capital Markets currently has a $87.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $72.00.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group raised their price target on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Morgan Stanley boosted their price target on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 9th. Barclays raised their price objective on SL Green Realty from $58.00 to $66.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Bank of America increased their target price 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. Finally, Truist Financial boosted 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 report on Friday, July 19th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and a consensus price target of $63.86.

SL Green Realty Price Performance

Shares of SL Green Realty stock opened at $76.79 on Monday. The firm has a market cap of $5.00 billion, a PE ratio of -30.72, a P/E/G ratio of 2.18 and a beta of 1.83. The business has a 50-day moving average price of $67.89 and a 200 day moving average price of $59.90. The company has a quick ratio of 2.59, a current ratio of 2.58 and a debt-to-equity ratio of 1.07. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $79.08.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The business 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 quarter last year, the business earned $1.27 EPS. Sell-side analysts predict that SL Green Realty will post 7.62 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend was Monday, September 30th. SL Green Realty’s dividend payout ratio is presently -120.00%.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently made changes to their positions in SLG. Russell Investments Group Ltd. boosted its position in shares of SL Green Realty by 24.7% during the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock worth $44,067,000 after buying an additional 158,268 shares during the period. Daiwa Securities Group Inc. boosted its holdings in SL Green Realty by 479.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 113,028 shares of the real estate investment trust’s stock valued at $6,231,000 after acquiring an additional 93,511 shares during the period. Lighthouse Investment Partners LLC grew its position in SL Green Realty by 150.0% in 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 acquiring an additional 90,000 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in SL Green Realty by 9.7% during 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 purchasing an additional 88,309 shares during the period. Finally, Swedbank AB acquired a new stake in shares of SL Green Realty during the first quarter worth about $4,675,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.