SL Green Realty (NYSE:SLG) Sets New 52-Week High – Here’s Why

by · The Markets Daily

SL Green Realty Corp. (NYSE:SLG – Get Free Report)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $80.60 and last traded at $80.46, with a volume of 21217 shares changing hands. The stock had previously closed at $77.99.

Analyst Upgrades and Downgrades

SLG has been the topic of a number of research analyst reports. Bank of America lifted their target price on SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $44.00 to $66.00 in a report on Friday, September 13th. Evercore ISI boosted their target price on shares of 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. Compass Point set a $65.00 target price on SL Green Realty and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, The Goldman Sachs Group raised their price target on SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, SL Green Realty currently has an average rating of “Hold” and an average price target of $65.57.

Get Our Latest Report on SLG

SL Green Realty Stock Up 2.8 %

The stock has a market capitalization of $5.22 billion, a P/E ratio of -31.20, a P/E/G ratio of 2.01 and a beta of 1.82. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06. The stock’s 50-day moving average price is $70.60 and its two-hundred day moving average price is $61.88.

SL Green Realty (NYSE:SLG – Get Free Report) last announced its 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). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The company had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. During the same period in the prior year, the business earned $1.27 earnings per share. As a group, research analysts expect that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.74%. SL Green Realty’s dividend payout ratio is presently -120.00%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SLG. Vanguard Group Inc. grew its stake in shares of SL Green Realty by 0.6% in the first 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 during the period. Dimensional Fund Advisors LP raised its stake in SL Green Realty by 9.7% during the second quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock valued at $56,350,000 after purchasing an additional 88,309 shares in the last quarter. Bank of New York Mellon Corp raised its position 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 valued at $45,906,000 after buying an additional 14,167 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of SL Green Realty by 24.7% in the 1st quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after purchasing an additional 158,268 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in SL Green Realty by 8.2% in the second quarter. Federated Hermes Inc. now owns 433,896 shares of the real estate investment trust’s stock worth $24,576,000 after buying an additional 32,985 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Company Profile

(Get Free Report)

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.

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