SL Green Realty (NYSE:SLG) Given a $71.00 Price Target at Scotiabank

Scotiabank set a $71.00 target price on SL Green Realty (NYSE:SLG) in a report released on Monday morning, Marketbeat reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.

Other research analysts have also issued reports about the company. Barclays reduced their target price on SL Green Realty from $76.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 30th. Piper Sandler dropped their price target on SL Green Realty from $90.00 to $72.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Truist Financial dropped their price target on SL Green Realty from $62.00 to $54.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen downgraded SL Green Realty from a “hold” rating to a “sell” rating in a research note on Saturday, May 24th. Finally, Jefferies Financial Group initiated coverage on SL Green Realty in a research note on Monday, March 17th. They issued a “hold” rating and a $58.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and a consensus price target of $65.33.

SL Green Realty Stock Down 0.6%

Shares of SLG opened at $63.58 on Monday. The business’s 50 day moving average is $60.55 and its 200 day moving average is $60.32. The company has a market capitalization of $4.53 billion, a PE ratio of -151.38 and a beta of 1.65. SL Green Realty has a 12-month low of $45.15 and a 12-month high of $82.81. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 0.99.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.13. SL Green Realty had a negative return on equity of 0.98% and a negative net margin of 1.30%. The firm had revenue of $144.52 million during the quarter, compared to analysts’ expectations of $158.44 million. Research analysts expect that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Monday, June 30th. SL Green Realty’s dividend payout ratio is -735.71%.

Institutional Investors Weigh In On SL Green Realty

A number of institutional investors have recently modified their holdings of the stock. Norinchukin Bank The raised its holdings in SL Green Realty by 6.6% in the 4th quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust’s stock worth $212,000 after acquiring an additional 192 shares during the period. Quadrant Capital Group LLC raised its holdings in SL Green Realty by 37.4% in the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 208 shares during the period. Mackenzie Financial Corp raised its holdings in SL Green Realty by 4.7% in the 1st quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust’s stock worth $307,000 after acquiring an additional 240 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in SL Green Realty by 2.5% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 10,257 shares of the real estate investment trust’s stock worth $592,000 after acquiring an additional 247 shares during the period. Finally, Natixis Advisors LLC raised its holdings in SL Green Realty by 1.3% in the 4th quarter. Natixis Advisors LLC now owns 21,820 shares of the real estate investment trust’s stock worth $1,482,000 after acquiring an additional 284 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.