SL Green Realty (NYSE:SLG) Upgraded at Citigroup

Citigroup upgraded shares of SL Green Realty (NYSE:SLG) from a sell rating to a neutral rating in a research note published on Friday, Marketbeat Ratings reports. Citigroup currently has $66.00 price target on the real estate investment trust’s stock, up from their previous price target of $44.00.

Several other equities analysts have also recently commented on SLG. Scotiabank increased their target price on SL Green Realty from $53.00 to $68.00 and gave the company a sector perform rating in a research note on Wednesday, August 7th. Piper Sandler increased their target price on SL Green Realty from $58.00 to $75.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. Bank of America increased their target price on SL Green Realty from $59.00 to $62.00 and gave the company a neutral rating in a research note on Thursday, August 22nd. BMO Capital Markets raised their price objective on SL Green Realty from $58.00 to $72.00 and gave the stock an outperform rating in a research note on Tuesday, July 30th. Finally, JPMorgan Chase & Co. raised their price objective on SL Green Realty from $44.00 to $51.00 and gave the stock an underweight rating in a research note on Tuesday, August 6th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $57.29.

SL Green Realty Stock Up 1.9 %

Shares of NYSE:SLG opened at $70.69 on Friday. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty has a 52-week low of $28.55 and a 52-week high of $71.31. The company has a 50 day moving average of $63.79 and a two-hundred day moving average of $56.57. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of -8.56, a price-to-earnings-growth ratio of 2.15 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, beating 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 company had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. During the same quarter last year, the company earned $1.43 earnings per share. SL Green Realty’s revenue for the quarter was down 9.4% on a year-over-year basis. As a group, analysts forecast that SL Green Realty will post 7.58 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently declared a monthly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date of this dividend was Friday, August 30th. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC acquired a new position in shares of SL Green Realty during the second quarter valued at $29,000. Rothschild Investment LLC acquired a new position in shares of SL Green Realty during the second quarter valued at $55,000. Fidelis Capital Partners LLC acquired a new position in SL Green Realty during the first quarter worth about $55,000. GAMMA Investing LLC grew its holdings in SL Green Realty by 6.3% during the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock worth $182,000 after acquiring an additional 196 shares during the period. Finally, Meeder Advisory Services Inc. acquired a new position in SL Green Realty during the first quarter worth about $201,000. 89.96% of the stock is owned by institutional investors and hedge funds.

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.