SL Green Realty (NYSE:SLG) Raised to "Neutral" at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of SL Green Realty (NYSE:SLG - Free Report) from an underweight rating to a neutral rating in a research note issued to investors on Tuesday morning, MarketBeat.com reports. They currently have $80.00 price objective on the real estate investment trust's stock, up from their previous price objective of $51.00.

A number of other research firms have also weighed in on SLG. Wells Fargo & Company upped their target price 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. BMO Capital Markets reaffirmed an "outperform" rating and issued a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Jefferies Financial Group increased their price objective on SL Green Realty from $70.00 to $72.00 and gave the stock a "hold" rating in a research report on Friday, November 22nd. Evercore ISI boosted their target price on SL Green Realty from $67.00 to $79.00 and gave the stock an "in-line" rating in a research report on Monday, October 21st. Finally, Scotiabank raised their price target on SL Green Realty from $68.00 to $80.00 and gave the company a "sector perform" rating in a report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $68.00.

SL Green Realty Stock Performance

Shares of SL Green Realty stock traded down $2.23 during trading hours on Tuesday, reaching $74.21. The company had a trading volume of 1,340,576 shares, compared to its average volume of 983,453. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. SL Green Realty has a one year low of $40.30 and a one year high of $82.81. The firm has a market cap of $4.89 billion, a PE ratio of -29.68, a price-to-earnings-growth ratio of 3.68 and a beta of 1.81. The business has a fifty day simple moving average of $75.18 and a 200 day simple moving average of $66.21.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The company had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. During the same quarter in the prior year, the business earned $1.27 EPS. On average, analysts anticipate that SL Green Realty will post 7.59 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.2575 dividend. This is a boost from SL Green Realty's previous monthly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.16%. SL Green Realty's payout ratio is presently -120.00%.

Hedge Funds Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP lifted its holdings in SL Green Realty by 50.5% in the third quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust's stock worth $202,777,000 after buying an additional 977,321 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of SL Green Realty by 396.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust's stock worth $31,058,000 after acquiring an additional 356,275 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of SL Green Realty in the 3rd quarter valued at approximately $18,811,000. Charles Schwab Investment Management Inc. boosted its position in shares of SL Green Realty by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust's stock valued at $88,275,000 after purchasing an additional 97,653 shares in the last quarter. Finally, Lighthouse Investment Partners LLC grew its stake in SL Green Realty by 150.0% in the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust's stock worth $8,496,000 after purchasing an additional 90,000 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.