Mizuho Issues Positive Forecast for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its price objective increased by Mizuho from $45.00 to $67.00 in a research note published on Tuesday morning,Benzinga reports. Mizuho currently has a neutral rating on the real estate investment trust’s stock.

Other analysts also recently issued reports about the company. Evercore ISI lifted their price target on SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. Wells Fargo & Company upped their price target on SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a report on Wednesday, September 11th. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and increased their price target for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Piper Sandler restated an “overweight” rating and set a $90.00 price objective (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Finally, Morgan Stanley increased their target price on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $68.38.

SL Green Realty Stock Down 1.8 %

Shares of NYSE:SLG opened at $64.50 on Tuesday. SL Green Realty has a fifty-two week low of $41.81 and a fifty-two week high of $82.81. The firm’s 50 day moving average price is $73.54 and its 200 day moving average price is $68.45. 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 $4.25 billion, a price-to-earnings ratio of -25.80, a price-to-earnings-growth ratio of 4.26 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The firm had revenue of $229.69 million during the quarter, compared to analyst estimates 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 posted $1.27 earnings per share. As a group, equities research analysts predict that SL Green Realty will post 7.82 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid 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 4.79%. SL Green Realty’s dividend payout ratio is currently -123.60%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SLG. GAMMA Investing LLC raised its stake in shares of SL Green Realty by 5.1% during the fourth quarter. GAMMA Investing LLC now owns 4,192 shares of the real estate investment trust’s stock worth $285,000 after purchasing an additional 203 shares during the last quarter. Versant Capital Management Inc increased its stake in SL Green Realty by 17.7% in the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 157 shares during the period. Oddo BHF Asset Management Sas purchased a new position in SL Green Realty during the 3rd quarter worth $1,050,000. Franklin Resources Inc. acquired a new stake in shares of SL Green Realty in the 3rd quarter worth $621,000. Finally, Tidal Investments LLC purchased a new stake in shares of SL Green Realty in the third quarter valued at about $791,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

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.