SL Green Realty (NYSE:SLG) Raised to “Sector Perform” at Scotiabank

Scotiabank upgraded shares of SL Green Realty (NYSE:SLG) from a sector underperform rating to a sector perform rating in a research report report published on Tuesday morning, MarketBeat Ratings reports. The firm currently has $53.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $43.00.

SLG has been the subject of several other reports. BMO Capital Markets upgraded shares of SL Green Realty from a market perform rating to an outperform rating and upped their target price for the company from $56.00 to $58.00 in a research note on Thursday, April 18th. Citigroup upped their price target on shares of SL Green Realty from $31.00 to $37.00 and gave the company a sell rating in a report on Thursday, June 13th. StockNews.com raised shares of SL Green Realty to a sell rating in a report on Wednesday, May 8th. Piper Sandler reaffirmed an overweight rating and issued a $58.00 price target on shares of SL Green Realty in a report on Tuesday, March 26th. Finally, Barclays raised shares of SL Green Realty from an underweight rating to an equal weight rating and increased their target price for the stock from $35.00 to $48.00 in a report on Wednesday, March 27th. Six equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $45.38.

SL Green Realty Price Performance

Shares of SLG stock opened at $60.88 on Tuesday. The company has a market capitalization of $4.01 billion, a PE ratio of -7.31, a price-to-earnings-growth ratio of 1.03 and a beta of 1.83. The firm has a fifty day simple moving average of $53.96 and a 200-day simple moving average of $50.27. The company has a current ratio of 2.96, a quick ratio of 2.96 and a debt-to-equity ratio of 1.01. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $61.43.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.00 annualized dividend and a yield of 4.93%. SL Green Realty’s payout ratio is -36.32%.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in SL Green Realty by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock valued at $572,524,000 after buying an additional 60,032 shares during the period. Deutsche Bank AG grew its stake in shares of SL Green Realty by 2,563.6% in the 3rd quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock worth $74,573,000 after purchasing an additional 1,924,221 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of SL Green Realty by 7.6% in the 4th quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock worth $50,363,000 after purchasing an additional 78,322 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of SL Green Realty by 3.0% in the 4th 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 purchasing an additional 30,289 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of SL Green Realty by 24.7% in 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 last quarter. 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.