BMO Capital Markets Cuts SL Green Realty (NYSE:SLG) Price Target to $60.00

SL Green Realty (NYSE:SLG) had its price objective cut by BMO Capital Markets from $63.00 to $60.00 in a research note published on Monday, MarketBeat Ratings reports. They currently have an outperform rating on the real estate investment trust’s stock.

SLG has been the topic of several other research reports. New Street Research set a $72.00 price objective on SL Green Realty in a research note on Thursday, October 9th. Barclays set a $59.00 target price on SL Green Realty in a research note on Monday, November 3rd. Citigroup raised SL Green Realty from a “neutral” rating to a “buy” rating and upped their price objective for the company from $65.00 to $70.00 in a report on Friday, September 12th. Wells Fargo & Company dropped their price target on SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating for the company in a research note on Monday, October 27th. Finally, Piper Sandler restated an “overweight” rating on shares of SL Green Realty in a research note on Wednesday, December 3rd. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $59.82.

SL Green Realty Stock Performance

SL Green Realty stock opened at $44.20 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.22 and a quick ratio of 3.22. The firm has a market capitalization of $3.15 billion, a P/E ratio of 4,424.52 and a beta of 1.61. SL Green Realty has a 52-week low of $40.26 and a 52-week high of $76.49. The stock has a fifty day moving average price of $50.27 and a two-hundred day moving average price of $56.57.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Thursday, October 16th. The real estate investment trust reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.24. The company had revenue of $244.82 million for the quarter, compared to analyst estimates of $170.27 million. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.26 earnings per share. As a group, analysts anticipate that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be paid a $0.2575 dividend. This represents a c) dividend on an annualized basis and a yield of 7.0%. The ex-dividend date is Friday, November 28th. SL Green Realty’s payout ratio is presently 30,900.00%.

Institutional Trading of SL Green Realty

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in SL Green Realty by 2.6% during the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust’s stock worth $641,238,000 after purchasing an additional 283,009 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in SL Green Realty by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,554,977 shares of the real estate investment trust’s stock valued at $89,722,000 after purchasing an additional 126,969 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in SL Green Realty by 4.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 48,795 shares of the real estate investment trust’s stock worth $2,815,000 after buying an additional 1,880 shares in the last quarter. Swiss National Bank lifted its stake in shares of SL Green Realty by 9.1% in the 1st quarter. Swiss National Bank now owns 138,998 shares of the real estate investment trust’s stock valued at $8,020,000 after purchasing an additional 11,600 shares during the period. Finally, Nuveen LLC bought a new stake in shares of SL Green Realty during the 1st quarter valued at $87,878,000. 89.96% of the stock is currently owned by 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.