SL Green Realty (NYSE:SLG) Price Target Raised to $60.00

SL Green Realty (NYSE:SLG) had its price objective increased by Scotiabank from $56.00 to $60.00 in a report published on Wednesday morning, MarketBeat.com reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

Several other analysts have also recently weighed in on the company. Truist Financial lifted their price objective on SL Green Realty from $44.00 to $46.00 and gave the company a “hold” rating in a research report on Wednesday, April 22nd. Barclays set a $52.00 target price on SL Green Realty and gave the stock an “equal weight” rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. lifted their price target on SL Green Realty from $49.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, May 5th. Morgan Stanley set a $52.00 price target on SL Green Realty and gave the stock an “equal weight” rating in a research note on Wednesday, July 22nd. Finally, LADENBURG THALM/SH SH increased their price objective on SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $55.15.

SL Green Realty Stock Up 3.5%

Shares of NYSE SLG opened at $56.40 on Wednesday. The firm’s fifty day moving average is $51.08 and its 200 day moving average is $44.56. SL Green Realty has a 52 week low of $34.77 and a 52 week high of $66.29. The company has a quick ratio of 3.03, a current ratio of 3.10 and a debt-to-equity ratio of 1.12. The company has a market cap of $4.03 billion, a price-to-earnings ratio of -20.66, a PEG ratio of 2.43 and a beta of 1.58.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.21. The business had revenue of $264.00 million for the quarter, compared to analyst estimates of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.43%. The company’s revenue was up 16.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.63 EPS. On average, equities research analysts expect that SL Green Realty will post 5.35 earnings per share for the current year.

SL Green Realty Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.6175 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.47 dividend on an annualized basis and a yield of 4.4%. SL Green Realty’s payout ratio is presently -90.48%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SLG. Integrity Alliance LLC. boosted its holdings in shares of SL Green Realty by 4.1% in the 4th quarter. Integrity Alliance LLC. now owns 5,970 shares of the real estate investment trust’s stock valued at $274,000 after buying an additional 237 shares in the last quarter. Probity Advisors Inc. lifted its position in shares of SL Green Realty by 2.8% during the 4th quarter. Probity Advisors Inc. now owns 10,040 shares of the real estate investment trust’s stock valued at $461,000 after acquiring an additional 269 shares during the period. Empowered Funds LLC lifted its position in shares of SL Green Realty by 6.2% during the 4th quarter. Empowered Funds LLC now owns 6,220 shares of the real estate investment trust’s stock valued at $285,000 after acquiring an additional 361 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of SL Green Realty by 30.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust’s stock worth $74,000 after acquiring an additional 378 shares in the last quarter. Finally, Telos Capital Management Inc. boosted its stake in shares of SL Green Realty by 3.6% during the 4th quarter. Telos Capital Management Inc. now owns 11,277 shares of the real estate investment trust’s stock worth $517,000 after acquiring an additional 396 shares in the last quarter. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.