SL Green Realty (NYSE:SLG) Hits New 12-Month High – What’s Next?

Shares of SL Green Realty Corp. (NYSE:SLG) reached a new 52-week high on Thursday . The stock traded as high as $74.51 and last traded at $74.07, with a volume of 60984 shares. The stock had previously closed at $72.69.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SLG. The Goldman Sachs Group boosted their price objective on SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Scotiabank boosted their price target on shares of SL Green Realty from $53.00 to $68.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. BMO Capital Markets raised their price objective on shares of SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. Bank of America boosted their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Finally, Morgan Stanley raised their price target on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, SL Green Realty has a consensus rating of “Hold” and an average target price of $60.79.

SL Green Realty Price Performance

The company has a market capitalization of $5.13 billion, a PE ratio of -29.50, a price-to-earnings-growth ratio of 1.94 and a beta of 1.83. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. The firm’s 50-day moving average is $67.57 and its 200-day moving average is $59.61.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The firm had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. During the same quarter in the previous year, the company posted $1.27 earnings per share. Equities analysts predict that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.81%. The ex-dividend date was Monday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is presently -112.36%.

Institutional Investors Weigh In On SL Green Realty

Institutional investors have recently made changes to their positions in the business. 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 position in SL Green Realty during the 1st quarter worth approximately $55,000. Rothschild Investment LLC purchased a new position in SL Green Realty in the 2nd quarter worth approximately $55,000. Finally, Blue Trust Inc. lifted its position in 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 valued at $56,000 after purchasing an additional 632 shares during the last quarter. Hedge funds and other institutional investors 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.