SL Green Realty (NYSE:SLG) Upgraded at Citigroup

Citigroup upgraded shares of SL Green Realty (NYSE:SLG) from a sell rating to a neutral rating in a report released on Friday morning, Marketbeat.com reports. They currently have $66.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $44.00.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company lifted their target price on shares of SL Green Realty from $43.00 to $63.00 and gave the company an equal weight rating in a report on Wednesday, September 11th. Scotiabank boosted their price objective on shares of SL Green Realty from $53.00 to $68.00 and gave the company a sector perform rating in a research note on Wednesday, August 7th. Piper Sandler boosted their price objective on shares of SL Green Realty from $58.00 to $75.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. upped their price target on shares of SL Green Realty from $44.00 to $51.00 and gave the stock an underweight rating in a research note on Tuesday, August 6th. Finally, Bank of America upped their price target on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a neutral rating in a research note on Thursday, August 22nd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $57.29.

SL Green Realty Stock Up 1.9 %

Shares of NYSE:SLG opened at $70.69 on Friday. The company has a market capitalization of $4.66 billion, a PE ratio of -8.56, a P/E/G ratio of 2.15 and a beta of 1.83. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $71.31. The firm has a 50 day simple moving average of $63.79 and a 200-day simple moving average of $56.57.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.09. The business had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company’s revenue was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.43 EPS. On average, equities analysts predict that SL Green Realty will post 7.58 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently announced a monthly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $3.00 dividend on an annualized basis and a yield of 4.24%. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLG. Vanguard Group Inc. lifted its holdings in shares of SL Green Realty by 0.6% during 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 during the period. Wellington Management Group LLP lifted its holdings in shares of SL Green Realty by 7.6% during the 4th quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock worth $50,363,000 after acquiring an additional 78,322 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of SL Green Realty by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,024,383 shares of the real estate investment trust’s stock worth $46,271,000 after acquiring an additional 30,289 shares during the period. Dimensional Fund Advisors LP lifted its holdings 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 acquiring an additional 88,309 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings 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 acquiring an additional 14,167 shares during the period. 89.96% of the stock is currently 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.