Wells Fargo & Company Increases SL Green Realty (NYSE:SLG) Price Target to $63.00

SL Green Realty (NYSE:SLG - Free Report) had its price objective lifted by Wells Fargo & Company from $43.00 to $63.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the real estate investment trust's stock.

Several other research firms have also recently issued reports on SLG. BMO Capital Markets upped their price target on SL Green Realty from $58.00 to $72.00 and gave the company an outperform rating in a report on Tuesday, July 30th. Bank of America upped their price target on SL Green Realty from $59.00 to $62.00 and gave the company a neutral rating in a report on Thursday, August 22nd. JPMorgan Chase & Co. upped their price target on SL Green Realty from $44.00 to $51.00 and gave the company an underweight rating in a report on Tuesday, August 6th. StockNews.com raised SL Green Realty to a sell rating in a report on Friday, July 19th. Finally, The Goldman Sachs Group boosted their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the company a sell rating in a research note on Wednesday, July 31st. Six analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $54.43.

SL Green Realty Trading Up 4.5 %

NYSE:SLG traded up $2.91 during mid-day trading on Wednesday, reaching $67.06. The stock had a trading volume of 864,326 shares, compared to its average volume of 1,026,608. SL Green Realty has a 1-year low of $28.55 and a 1-year high of $68.92. The stock's 50 day simple moving average is $62.76 and its two-hundred day simple moving average is $55.95. 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 (NYSE:SLG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.09. The business had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period last year, the firm earned $1.43 earnings per share. Research analysts anticipate that SL Green Realty will post 7.58 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.47%. The ex-dividend date is Friday, August 30th. SL Green Realty's dividend payout ratio is currently -36.32%.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC boosted its holdings in SL Green Realty by 8,523.6% in the fourth quarter. International Assets Investment Management LLC now owns 9,486 shares of the real estate investment trust's stock worth $428,000 after purchasing an additional 9,376 shares in the last quarter. Victory Capital Management Inc. lifted its position in SL Green Realty by 3.6% during the 4th quarter. Victory Capital Management Inc. now owns 24,223 shares of the real estate investment trust's stock worth $1,094,000 after acquiring an additional 851 shares during the last quarter. Natixis Advisors L.P. lifted its position in SL Green Realty by 9.5% during the 4th quarter. Natixis Advisors L.P. now owns 18,482 shares of the real estate investment trust's stock worth $834,000 after acquiring an additional 1,599 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of SL Green Realty by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,024,383 shares of the real estate investment trust's stock valued at $46,271,000 after buying an additional 30,289 shares during the last quarter. Finally, Independent Advisor Alliance acquired a new position in shares of SL Green Realty during the fourth quarter valued at about $1,036,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

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.