SL Green Realty (NYSE:SLG) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of SL Green Realty (NYSE:SLG) from an underweight rating to a neutral rating in a report issued on Tuesday morning, MarketBeat reports. JPMorgan Chase & Co. currently has $80.00 target price on the real estate investment trust’s stock, up from their previous target price of $51.00.

A number of other equities research analysts also recently commented on SLG. Compass Point set a $65.00 target price on SL Green Realty and gave the company a “neutral” rating in a research report on Friday, October 18th. Morgan Stanley upped their price objective on shares of SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and lifted their target price for the company from $44.00 to $66.00 in a report on Friday, September 13th. Barclays upped their price target on SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Finally, BMO Capital Markets reissued an “outperform” rating and set a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $68.67.

SL Green Realty Stock Down 0.8 %

Shares of NYSE:SLG opened at $72.99 on Tuesday. SL Green Realty has a 52-week low of $40.30 and a 52-week high of $82.81. The stock has a market cap of $4.81 billion, a P/E ratio of -29.20, a PEG ratio of 3.68 and a beta of 1.81. The business has a fifty day moving average of $75.46 and a two-hundred day moving average of $66.47. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The firm had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. During the same period in the prior year, the company posted $1.27 EPS. On average, research analysts expect that SL Green Realty will post 7.59 earnings per share for the current year.

SL Green Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.2575 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.23%. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. SL Green Realty’s payout ratio is presently -123.60%.

Institutional Trading of SL Green Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Edgestream Partners L.P. increased its holdings in shares of SL Green Realty by 40.1% in the 2nd quarter. Edgestream Partners L.P. now owns 122,880 shares of the real estate investment trust’s stock valued at $6,960,000 after acquiring an additional 35,178 shares during the last quarter. Waterfall Asset Management LLC purchased a new position in SL Green Realty in the second quarter valued at approximately $3,172,000. Daiwa Securities Group Inc. raised its holdings in SL Green Realty by 13.2% during the second quarter. Daiwa Securities Group Inc. now owns 127,899 shares of the real estate investment trust’s stock worth $7,244,000 after purchasing an additional 14,871 shares in the last quarter. Citigroup Inc. lifted its position in shares of SL Green Realty by 54.6% during the 3rd quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust’s stock worth $5,958,000 after buying an additional 30,220 shares during the last quarter. Finally, Kestra Investment Management LLC acquired a new position in shares of SL Green Realty in the 3rd quarter valued at $876,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.