SL Green Realty (NYSE:SLG) Price Target Raised to $71.00

SL Green Realty (NYSE:SLG) had its price objective raised by JPMorgan Chase & Co. from $69.00 to $71.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

A number of other equities research analysts have also commented on the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of SL Green Realty in a research report on Wednesday. Evercore ISI upped their price target on SL Green Realty from $73.00 to $76.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. Truist Financial upped their price target on SL Green Realty from $54.00 to $58.00 and gave the company a “hold” rating in a research report on Friday, July 18th. Scotiabank upgraded SL Green Realty from a “sector perform” rating to a “sector outperform” rating and set a $71.00 price target on the stock in a research report on Friday, July 25th. Finally, Citigroup upgraded SL Green Realty from a “neutral” rating to a “buy” rating and upped their price target for the company from $65.00 to $70.00 in a research report on Friday, September 12th. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.93.

SL Green Realty Trading Down 2.9%

NYSE SLG opened at $55.21 on Thursday. The business’s 50-day moving average price is $58.30 and its two-hundred day moving average price is $58.13. SL Green Realty has a 12 month low of $45.15 and a 12 month high of $82.81. The firm has a market capitalization of $3.94 billion, a PE ratio of -102.24 and a beta of 1.77. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.26. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%.The firm had revenue of $147.54 million for the quarter, compared to analyst estimates of $171.24 million. During the same quarter in the previous year, the company posted $2.05 EPS. The business’s revenue was up 8.6% on a year-over-year basis. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. On average, analysts expect that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently announced a sep 25 dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.2575 per share. The ex-dividend date is Tuesday, September 30th. This represents a dividend yield of 517.0%. SL Green Realty’s dividend payout ratio is presently -572.22%.

Insider Activity at SL Green Realty

In related news, Director Carol N. Brown sold 937 shares of the company’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $63.09, for a total transaction of $59,115.33. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Summit Place Financial Advisors LLC raised its stake in SL Green Realty by 149.6% during the 1st quarter. Summit Place Financial Advisors LLC now owns 17,845 shares of the real estate investment trust’s stock worth $1,030,000 after buying an additional 10,695 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in SL Green Realty by 6.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,741 shares of the real estate investment trust’s stock worth $389,000 after buying an additional 384 shares during the period. KBC Group NV raised its stake in SL Green Realty by 20.9% during the 1st quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust’s stock worth $193,000 after buying an additional 577 shares during the period. Wolverine Asset Management LLC raised its stake in SL Green Realty by 156.1% during the 1st quarter. Wolverine Asset Management LLC now owns 12,716 shares of the real estate investment trust’s stock worth $734,000 after buying an additional 7,750 shares during the period. Finally, Intech Investment Management LLC raised its stake in SL Green Realty by 36.9% during the 1st quarter. Intech Investment Management LLC now owns 48,390 shares of the real estate investment trust’s stock worth $2,792,000 after buying an additional 13,048 shares during the period. 89.96% of the stock is 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.