SL Green Realty (NYSE:SLG) Price Target Raised to $72.00 at BMO Capital Markets

SL Green Realty (NYSE:SLG) had its price objective boosted by BMO Capital Markets from $58.00 to $72.00 in a report issued on Tuesday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the real estate investment trust’s stock.

Several other equities analysts have also recently commented on SLG. Truist Financial raised their price target on shares of SL Green Realty from $47.00 to $55.00 and gave the company a hold rating in a research report on Friday, July 19th. StockNews.com upgraded SL Green Realty to a sell rating in a research note on Friday, July 19th. JPMorgan Chase & Co. boosted their target price on SL Green Realty from $43.00 to $44.00 and gave the stock an underweight rating in a research note on Thursday, April 25th. Piper Sandler increased their price target on SL Green Realty from $58.00 to $75.00 and gave the company an overweight rating in a research report on Wednesday, July 24th. Finally, Evercore ISI lifted their price objective on SL Green Realty from $47.00 to $49.00 and gave the company an underperform rating in a research note on Monday, July 1st. Six investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $49.62.

SL Green Realty Price Performance

SLG opened at $66.42 on Tuesday. The stock’s 50-day moving average price is $57.44 and its 200 day moving average price is $52.20. SL Green Realty has a 12-month low of $28.55 and a 12-month high of $68.92. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of -8.04, a PEG ratio of 2.13 and a beta of 1.83. The company has a current ratio of 2.59, a quick ratio of 2.96 and a debt-to-equity ratio of 0.99.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The business had revenue of $222.82 million for the quarter, compared to analysts’ expectations of $133.83 million. During the same quarter in the prior year, the company earned $1.43 earnings per share. The business’s quarterly revenue was down 9.4% on a year-over-year basis. As a group, sell-side analysts expect that SL Green Realty will post 7.56 earnings per share for the current year.

SL Green Realty Cuts Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date is Wednesday, July 31st. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Institutional Trading of SL Green Realty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLG. Norges Bank purchased a new position in shares of SL Green Realty in the 4th quarter valued at $18,664,000. Prospect Financial Services LLC acquired a new position in SL Green Realty in the fourth quarter valued at $12,373,000. Kettle Hill Capital Management LLC purchased a new position in shares of SL Green Realty during the fourth quarter worth about $11,832,000. Russell Investments Group Ltd. increased 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 purchasing an additional 158,268 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in shares of SL Green Realty by 148.0% in the 4th quarter. Allianz Asset Management GmbH now owns 259,027 shares of the real estate investment trust’s stock valued at $11,700,000 after purchasing an additional 154,578 shares during the last quarter. 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.