Jefferies Financial Group Cuts SL Green Realty (NYSE:SLG) Price Target to $69.00

SL Green Realty (NYSE:SLG) had its price objective lowered by Jefferies Financial Group from $75.00 to $69.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.

A number of other research firms have also weighed in on SLG. JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th. Evercore ISI boosted their target price on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Barclays increased their price target on shares of SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and boosted their target price for the company from $44.00 to $66.00 in a report on Friday, September 13th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $68.47.

SL Green Realty Trading Down 0.4 %

SLG stock opened at $68.08 on Thursday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06. SL Green Realty has a 12-month low of $41.81 and a 12-month high of $82.81. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of -27.23, a PEG ratio of 4.26 and a beta of 1.82. The business’s 50-day moving average is $74.46 and its 200 day moving average is $68.20.

SL Green Realty (NYSE:SLG) last posted its quarterly 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 for the quarter, compared to analysts’ expectations of $136.66 million. During the same quarter in the prior year, the firm earned $1.27 EPS. On average, sell-side analysts anticipate that SL Green Realty will post 7.82 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.2575 dividend. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.54%. SL Green Realty’s dividend payout ratio is currently -123.60%.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new position in shares of SL Green Realty in the second quarter worth about $29,000. Rothschild Investment LLC acquired a new position in SL Green Realty in the second quarter worth $55,000. Commonwealth Equity Services LLC grew its holdings in SL Green Realty by 2.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 29,770 shares of the real estate investment trust’s stock worth $1,686,000 after acquiring an additional 799 shares during the last quarter. Natixis Advisors LLC increased its holdings in shares of SL Green Realty by 10.9% in the second quarter. Natixis Advisors LLC now owns 21,764 shares of the real estate investment trust’s stock valued at $1,233,000 after purchasing an additional 2,145 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of SL Green Realty by 1.4% during the second quarter. Rhumbline Advisers now owns 234,858 shares of the real estate investment trust’s stock valued at $13,302,000 after acquiring an additional 3,255 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.