Price target for SL Green Realty (NYSE:SLG) raised to $62.00 by Bank of America

SL Green Realty (NYSE:SLG – Free Report) The price target was raised by Bank of America from $59.00 to $62.00 in a research report published Thursday morning, Benzinga reports. Bank of America currently rates the real estate investment trust’s stock as “neutral.”

SLG has been the subject of several other reports. Piper Sandler raised their price target on SL Green Realty from $58.00 to $75.00 and gave the company an overweight rating in a research report on Wednesday, July 24th. Truist Financial increased their price target on shares of SL Green Realty from $47.00 to $55.00 and gave the company a hold rating in a research report on Friday, July 19th. Scotiabank increased their price target on SL Green Realty from $53.00 to $68.00 and gave the stock a sector perform rating in a research report on Wednesday, August 7th. Evercore ISI increased their price target on SL Green Realty from $47.00 to $49.00 and gave the company an underperform rating in a report on Monday, July 1st. Finally, The Goldman Sachs Group raised their price target on SL Green Realty from $38.00 to $42.00 and gave the stock a sell rating in a report on Wednesday, July 31. Six analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given the stock a buy rating. According to MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and a consensus price target of $53.31.

Check out our latest analysis on SL Green Realty

Price development of SL Green Realty shares

NYSE:SLG shares opened at $64.24 on Thursday. The company has a market cap of $4.18 billion, a P/E ratio of -7.78, a PEG ratio of 2.03 and a beta of 1.83. SL Green Realty has a 12-month low of $28.55 and a 12-month high of $68.92. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59. The company has a 50-day moving average of $60.39 and a 200-day moving average of $53.98.

SL Green Realty (NYSE:SLG – Get Free Report) last released its quarterly earnings results on Wednesday, July 17. The real estate investment trust reported earnings per share ($0.04) for the quarter, beating the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company had revenue of $222.82 million for the quarter, compared to analyst estimates of $133.83 million. In the same quarter last year, the company reported earnings per share of $1.43. SL Green Realty’s revenue for the quarter decreased 9.4% compared to the same quarter last year. As a group, research analysts forecast that SL Green Realty will report earnings per share of $7.58 for the current year.

Dividend announcement from SL Green Realty

The company also recently announced a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will receive a dividend of $0.25 per share. The ex-dividend date is Friday, August 30th. This represents an annualized dividend of $3.00 and a yield of 4.67%. SL Green Realty’s payout ratio is -36.32%.

Hedge funds comment on SL Green Realty

A number of institutional investors and hedge funds have recently added to or reduced their holdings of SLG. International Assets Investment Management LLC increased its holdings in shares of SL Green Realty by 8,523.6% in the fourth quarter. International Assets Investment Management LLC now owns 9,486 shares of the real estate investment trust worth $428,000 after purchasing an additional 9,376 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of SL Green Realty by 9.1% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 75,975 shares of the real estate investment trust worth $3,432,000 after purchasing an additional 6,307 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of SL Green Realty in the fourth quarter valued at about $206,000. Handelsbanken Fonder AB increased its stake in shares of SL Green Realty by 21.4% during the fourth quarter. Handelsbanken Fonder AB now owns 14,165 shares of the real estate investment trust worth $640,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Duality Advisers LP acquired a new stake in SL Green Realty during the fourth quarter valued at approximately $479,000. 89.96% of the shares are 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 (REIT) primarily focused on acquiring, managing and maximizing the value of commercial real estate in Manhattan. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.

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