SL Green Realty Corp. (NYSE:SLG) Receives $71.07 Average Target Price from Brokerages

Shares of SL Green Realty Corp. (NYSE:SLG - Get Free Report) have been assigned a consensus rating of "Hold" from the fifteen brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $71.07.

A number of equities analysts have commented on the stock. BMO Capital Markets reissued an "outperform" rating and issued a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Compass Point boosted their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. raised shares of SL Green Realty from an "underweight" rating to a "neutral" rating and boosted their price target for the stock from $51.00 to $80.00 in a research note on Tuesday, December 10th. Scotiabank boosted their price target on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a "sector perform" rating in a research note on Tuesday, December 10th. Finally, Evercore ISI boosted their price target on shares of SL Green Realty from $67.00 to $79.00 and gave the stock an "in-line" rating in a research note on Monday, October 21st.

SL Green Realty Price Performance

NYSE:SLG traded up $0.75 during mid-day trading on Monday, hitting $64.49. 674,467 shares of the stock traded hands, compared to its average volume of 794,713. The business's 50-day moving average price is $67.62 and its 200 day moving average price is $69.59. The company has a market cap of $4.25 billion, a PE ratio of 806.06, a price-to-earnings-growth ratio of 5.49 and a beta of 1.82. SL Green Realty has a 12-month low of $42.91 and a 12-month high of $82.81. The company has a quick ratio of 2.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.90.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, beating the consensus estimate of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. On average, analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st will be issued a $0.2575 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.09 annualized dividend and a yield of 4.79%. SL Green Realty's dividend payout ratio (DPR) is presently 3,862.50%.

Insiders Place Their Bets

In other news, Director Craig M. Hatkoff sold 3,455 shares of the company's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now directly owns 2,052 shares of the company's stock, valued at $136,047.60. This represents a 62.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.08% of the company's stock.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC raised its stake in SL Green Realty by 69.1% during the 3rd quarter. FMR LLC now owns 58,185 shares of the real estate investment trust's stock valued at $4,050,000 after buying an additional 23,780 shares during the last quarter. Weiss Asset Management LP purchased a new stake in SL Green Realty during the 3rd quarter valued at $771,000. Citigroup Inc. raised its stake in SL Green Realty by 54.6% during the 3rd quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust's stock valued at $5,958,000 after buying an additional 30,220 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in SL Green Realty by 23.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 65,933 shares of the real estate investment trust's stock valued at $4,478,000 after buying an additional 12,424 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new stake in SL Green Realty during the 3rd quarter valued at $876,000. 89.96% of the stock is owned by institutional investors.

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.