SL Green Realty (NYSE:SLG) Hits New 12-Month High – Time to Buy?

SL Green Realty Corp. (NYSE:SLG) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $79.92 and last traded at $78.51, with a volume of 142028 shares traded. The stock had previously closed at $77.47.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Morgan Stanley upped their target price 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. Compass Point set a $65.00 target price on shares of SL Green Realty and gave the stock a “neutral” rating in a research report on Friday, October 18th. Barclays increased their price target on SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Scotiabank raised their target price 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. Finally, Bank of America raised their target price on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $65.57.

SL Green Realty Trading Up 1.7 %

The company has a quick ratio of 2.59, a current ratio of 2.58 and a debt-to-equity ratio of 1.07. The company has a market cap of $5.13 billion, a P/E ratio of -30.99, a P/E/G ratio of 2.02 and a beta of 1.83. The business has a 50-day moving average price of $69.52 and a two-hundred day moving average price of $60.92.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The firm had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same quarter in the prior year, the business earned $1.27 earnings per share. On average, analysts predict that SL Green Realty Corp. will post 7.61 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a $0.25 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 3.81%. SL Green Realty’s dividend payout ratio is presently -120.00%.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently added to or reduced their stakes in SLG. Allspring Global Investments Holdings LLC acquired a new position in SL Green Realty in the second quarter valued at about $29,000. Friedenthal Financial acquired a new position in shares of SL Green Realty in the third quarter worth approximately $49,000. Blue Trust Inc. lifted its stake in shares of SL Green Realty by 363.2% in the third quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock worth $56,000 after acquiring an additional 632 shares during the period. Rothschild Investment LLC acquired a new position in SL Green Realty in the second quarter valued at approximately $55,000. Finally, Fidelis Capital Partners LLC acquired a new position in SL Green Realty in the first quarter valued at approximately $55,000. Institutional investors and hedge funds 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.