SL Green Realty (NYSE:SLG) Price Target Raised to $50.00 at Morgan Stanley

SL Green Realty (NYSE:SLG) had its price objective hoisted by Morgan Stanley from $47.00 to $50.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

Several other research firms have also recently commented on SLG. The Goldman Sachs Group upped their price target on SL Green Realty from $38.00 to $42.00 and gave the stock a sell rating in a research note on Wednesday, July 31st. BMO Capital Markets upped their price target on SL Green Realty from $58.00 to $72.00 and gave the stock an outperform rating in a research note on Tuesday, July 30th. Barclays upped their price target on SL Green Realty from $49.00 to $58.00 and gave the stock an equal weight rating in a research note on Tuesday, July 30th. Citigroup upgraded SL Green Realty from a sell rating to a neutral rating and upped their price target for the stock from $44.00 to $66.00 in a research note on Friday, September 13th. Finally, Wells Fargo & Company upped their price target on SL Green Realty from $43.00 to $63.00 and gave the stock an equal weight rating in a research note on Wednesday, September 11th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $60.43.

SL Green Realty Price Performance

SLG stock opened at $67.91 on Wednesday. The company has a market capitalization of $4.47 billion, a P/E ratio of -8.22, a PEG ratio of 1.86 and a beta of 1.83. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $73.80. The business has a 50 day simple moving average of $66.36 and a 200-day simple moving average of $58.91. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, beating the consensus estimate 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 was down 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.43 earnings per share. As a group, equities analysts anticipate that SL Green Realty will post 7.61 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date is Monday, September 30th. SL Green Realty’s dividend payout ratio is currently -36.32%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of SL Green Realty in the second quarter valued at $29,000. Fidelis Capital Partners LLC acquired a new stake in shares of SL Green Realty during the first quarter valued at $55,000. Rothschild Investment LLC acquired a new stake in shares of SL Green Realty during the second quarter valued at $55,000. GAMMA Investing LLC boosted its stake in shares of SL Green Realty by 6.3% during the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock valued at $182,000 after acquiring an additional 196 shares during the last quarter. Finally, Meeder Advisory Services Inc. acquired a new stake in shares of SL Green Realty during the first quarter valued at $201,000. 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.