SL Green Realty (NYSE:SLG) Given New $68.00 Price Target at Scotiabank

SL Green Realty (NYSE:SLG) had its price objective increased by Scotiabank from $53.00 to $68.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

A number of other research firms also recently issued reports on SLG. Citigroup lifted their price target on shares of SL Green Realty from $31.00 to $37.00 and gave the company a sell rating in a research report on Thursday, June 13th. Evercore ISI upped their target price on SL Green Realty from $47.00 to $49.00 and gave the company an underperform rating in a report on Monday, July 1st. JPMorgan Chase & Co. boosted their price objective on shares of SL Green Realty from $44.00 to $51.00 and gave the stock an underweight rating in a research report on Tuesday. StockNews.com upgraded shares of SL Green Realty to a sell rating in a research report on Friday, July 19th. Finally, Barclays raised their price objective on shares of SL Green Realty from $49.00 to $58.00 and gave the stock an equal weight rating in a research note on Tuesday, July 30th. Six investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, SL Green Realty presently has a consensus rating of Hold and an average target price of $51.31.

SL Green Realty Stock Performance

NYSE SLG traded up $0.77 on Wednesday, hitting $62.27. 132,995 shares of the company’s stock were exchanged, compared to its average volume of 1,101,729. The firm has a market cap of $4.10 billion, a price-to-earnings ratio of -7.51, a P/E/G ratio of 2.02 and a beta of 1.83. The firm’s 50-day moving average price is $58.35 and its two-hundred day moving average price is $52.75. SL Green Realty has a fifty-two week low of $28.55 and a fifty-two week high of $68.92. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.96.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. The company had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. SL Green Realty’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.43 earnings per share. On average, research analysts expect that SL Green Realty will post 7.56 EPS for the current year.

SL Green Realty Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 4.82%. SL Green Realty’s dividend payout ratio (DPR) is presently -36.32%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SLG. Vanguard Group Inc. raised its stake in SL Green Realty by 0.6% during the first quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock worth $572,524,000 after purchasing an additional 60,032 shares during the period. Wellington Management Group LLP grew its position in SL Green Realty by 7.6% during the fourth quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock valued at $50,363,000 after acquiring an additional 78,322 shares during the period. Charles Schwab Investment Management Inc. increased its stake in SL Green Realty by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,024,383 shares of the real estate investment trust’s stock worth $46,271,000 after acquiring an additional 30,289 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of SL Green Realty by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock worth $45,906,000 after purchasing an additional 14,167 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in shares of SL Green Realty by 24.7% during the 1st 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 during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.