Scotiabank Raises SL Green Realty (NYSE:SLG) Price Target to $80.00

SL Green Realty (NYSE:SLG - Free Report) had its target price lifted by Scotiabank from $68.00 to $80.00 in a research note released on Friday morning, Benzinga reports. They currently have a sector perform rating on the real estate investment trust's stock.

Several other analysts also recently commented on the stock. StockNews.com upgraded shares of SL Green Realty to a "sell" rating in a report on Friday, July 19th. Wells Fargo & Company upped their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an "equal weight" rating in a report on Wednesday, September 11th. Morgan Stanley lifted their price target on shares of SL Green Realty from $47.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 9th. Piper Sandler reiterated an "overweight" rating and set a $90.00 price target (up from $75.00) on shares of SL Green Realty in a report on Monday. Finally, Barclays boosted their target price on SL Green Realty from $66.00 to $78.00 and gave the company an "equal weight" rating in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $65.57.

SL Green Realty Price Performance

SL Green Realty stock traded down $0.86 during mid-day trading on Friday, reaching $76.61. 636,311 shares of the company were exchanged, compared to its average volume of 983,478. The firm has a market cap of $4.99 billion, a PE ratio of -30.73, a PEG ratio of 2.12 and a beta of 1.83. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.58 and a quick ratio of 2.59. The company has a fifty day simple moving average of $68.72 and a 200-day simple moving average of $60.30. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $79.08.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of $1.21 by ($1.42). The company had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same period last year, the company posted $1.27 EPS. As a group, equities research analysts expect that SL Green Realty will post 7.62 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a $0.25 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 3.92%. SL Green Realty's dividend payout ratio (DPR) is presently -120.00%.

Institutional Trading of SL Green Realty

A number of institutional investors and hedge funds have recently modified their holdings of SLG. Vanguard Group Inc. boosted its position in shares of SL Green Realty by 0.6% during the first 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 last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of SL Green Realty by 9.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust's stock valued at $56,350,000 after acquiring an additional 88,309 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of SL Green Realty by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust's stock worth $45,906,000 after acquiring an additional 14,167 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of SL Green Realty by 24.7% during the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust's stock valued at $44,067,000 after purchasing an additional 158,268 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in SL Green Realty by 8.2% during the second quarter. Federated Hermes Inc. now owns 433,896 shares of the real estate investment trust's stock valued at $24,576,000 after purchasing an additional 32,985 shares during the period. Institutional investors own 89.96% of the company's stock.

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.