SL Green Realty (NYSE:SLG) Price Target Increased to $80.00 by Analysts at Scotiabank

SL Green Realty (NYSE:SLG) had its price target hoisted by Scotiabank from $68.00 to $80.00 in a report issued on Friday, Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

SLG has been the topic of a number of other reports. BMO Capital Markets reiterated an “outperform” rating and set a $87.00 price objective (up from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Wells Fargo & Company increased their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. Compass Point set a $65.00 target price on shares of SL Green Realty and gave the stock a “neutral” rating in a report on Friday, October 18th. StockNews.com raised shares of SL Green Realty to a “sell” rating in a report on Friday, July 19th. Finally, Bank of America upped their price target on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, SL Green Realty currently has a consensus rating of “Hold” and an average target price of $65.57.

SL Green Realty Stock Performance

Shares of SLG traded down $0.86 during mid-day trading on Friday, hitting $76.61. The stock had a trading volume of 636,350 shares, compared to its average volume of 983,478. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.58 and a quick ratio of 2.59. The firm has a market cap of $4.99 billion, a P/E ratio of -30.65, a PEG ratio of 2.12 and a beta of 1.83. SL Green Realty has a 52 week low of $28.55 and a 52 week high of $79.08. The business has a fifty day moving average price of $68.97 and a 200-day moving average price of $60.46.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). The business had revenue of $229.69 million for the quarter, compared to analysts’ expectations of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same period last year, the company earned $1.27 earnings per share. On average, equities research analysts expect that SL Green Realty will post 7.62 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.92%. The ex-dividend date is Thursday, October 31st. SL Green Realty’s dividend payout ratio (DPR) is -120.00%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SLG. Allspring Global Investments Holdings LLC bought a new stake in SL Green Realty in the second quarter worth $29,000. Friedenthal Financial purchased a new stake in SL Green Realty during the 3rd quarter valued at about $49,000. Fidelis Capital Partners LLC bought a new stake in SL Green Realty during the 1st quarter valued at about $55,000. Rothschild Investment LLC purchased a new position in SL Green Realty in the second quarter worth about $55,000. Finally, Blue Trust Inc. lifted its stake in shares of SL Green Realty by 363.2% in the third quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 632 shares in the last quarter. Institutional investors 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.