SL Green Realty (NYSE:SLG) Price Target Raised to $42.00 at The Goldman Sachs Group

SL Green Realty (NYSE:SLG) had its price objective boosted by The Goldman Sachs Group from $38.00 to $42.00 in a research report report published on Wednesday, Benzinga reports. They currently have a sell rating on the real estate investment trust’s stock.

Several other equities analysts also recently commented on the stock. Piper Sandler upped their price target on shares of SL Green Realty from $58.00 to $75.00 and gave the company an overweight rating in a report on Wednesday, July 24th. Citigroup upped their target price on shares of SL Green Realty from $31.00 to $37.00 and gave the stock a sell rating in a research note on Thursday, June 13th. Barclays upped their target price 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. Evercore ISI upped their target price on shares of SL Green Realty from $47.00 to $49.00 and gave the stock an underperform rating in a research note on Monday, July 1st. Finally, BMO Capital Markets upped their target price on shares of SL Green Realty from $58.00 to $72.00 and gave the stock an outperform rating in a research note on Tuesday. Six equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, SL Green Realty currently has an average rating of Hold and a consensus price target of $49.62.

SL Green Realty Stock Performance

Shares of SLG stock opened at $66.66 on Wednesday. SL Green Realty has a 1 year low of $28.55 and a 1 year high of $68.92. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.59 and a quick ratio of 2.96. The firm has a fifty day moving average price of $57.11 and a 200-day moving average price of $52.10.

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

SL Green Realty Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be given a $0.25 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 4.50%. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of SL Green Realty in the 2nd quarter valued at approximately $29,000. Private Trust Co. NA purchased a new stake in shares of SL Green Realty in the 4th quarter valued at approximately $33,000. Rothschild Investment LLC purchased a new stake in shares of SL Green Realty in the 2nd quarter valued at approximately $55,000. Fidelis Capital Partners LLC purchased a new stake in shares of SL Green Realty in the 1st quarter valued at approximately $55,000. Finally, GAMMA Investing LLC purchased a new stake in shares of SL Green Realty in the 4th quarter valued at approximately $140,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.