SL Green Realty (NYSE:SLG) Earns Overweight Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of SL Green Realty (NYSE:SLG) in a report published on Monday morning, Benzinga reports. Piper Sandler currently has a $90.00 price target on the real estate investment trust’s stock, up from their prior price target of $75.00.

Several other research analysts have also recently weighed in on SLG. Compass Point set a $65.00 target price on SL Green Realty and gave the company a “neutral” rating in a research note on Friday, October 18th. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and raised their target price for the company from $44.00 to $66.00 in a research note on Friday, September 13th. Barclays raised their target price on SL Green Realty from $58.00 to $66.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Bank of America increased their price target on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Finally, Scotiabank increased their price target on SL Green Realty from $53.00 to $68.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $64.71.

SL Green Realty Price Performance

Shares of SLG opened at $77.47 on Monday. The firm has a market capitalization of $5.04 billion, a price-to-earnings ratio of -30.99, a price-to-earnings-growth ratio of 2.12 and a beta of 1.83. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.59 and a current ratio of 2.58. SL Green Realty has a one year low of $28.55 and a one year high of $79.08. The stock’s fifty day moving average is $68.72 and its 200-day moving average is $60.30.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The firm had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. During the same period in the prior year, the business earned $1.27 EPS. Equities analysts anticipate that SL Green Realty will post 7.62 EPS for the current year.

SL Green Realty Announces Dividend

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 paid a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 3.87%. The ex-dividend date of this dividend is Thursday, October 31st. SL Green Realty’s dividend payout ratio is currently -120.00%.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in SL Green Realty by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock worth $572,524,000 after acquiring an additional 60,032 shares in the last quarter. Dimensional Fund Advisors LP raised its stake 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 worth $56,350,000 after purchasing an additional 88,309 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of SL Green Realty by 1.8% during the 2nd 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 purchasing an additional 14,167 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of SL Green Realty by 24.7% during the 1st quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock worth $44,067,000 after purchasing an additional 158,268 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of SL Green Realty by 8.2% during the 2nd quarter. Federated Hermes Inc. now owns 433,896 shares of the real estate investment trust’s stock worth $24,576,000 after purchasing an additional 32,985 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other 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.