SL Green Realty (NYSE:SLG) Price Target Raised to $46.00 at Truist Financial

SL Green Realty (NYSE:SLG) had its price objective hoisted by Truist Financial from $44.00 to $46.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a hold rating on the real estate investment trust’s stock.

Several other research firms have also issued reports on SLG. Citigroup dropped their target price on SL Green Realty from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, March 24th. Zacks Research raised SL Green Realty from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 25th. Barclays lowered their price target on SL Green Realty from $54.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 26th. JPMorgan Chase & Co. lowered their price target on SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 14th. Finally, Evercore reissued an “outperform” rating and set a $46.00 price target on shares of SL Green Realty in a research report on Friday, April 17th. Eight investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and an average price target of $51.15.

SL Green Realty Stock Performance

SLG opened at $43.02 on Wednesday. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $66.91. The firm has a market capitalization of $3.07 billion, a PE ratio of -17.14 and a beta of 1.61. The company has a debt-to-equity ratio of 1.19, a quick ratio of 2.66 and a current ratio of 3.03. The business’s 50-day simple moving average is $38.66 and its 200 day simple moving average is $44.63.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative return on equity of 4.06% and a negative net margin of 15.77%.The business had revenue of $159.82 million for the quarter, compared to analyst estimates of $162.73 million. During the same quarter in the prior year, the company posted $1.81 earnings per share. SL Green Realty’s revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts expect that SL Green Realty will post 4.65 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a dividend of $0.6175 per share. This represents a $2.47 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Tuesday, March 31st. SL Green Realty’s payout ratio is -98.41%.

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC grew its position in shares of SL Green Realty by 74.8% in the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock valued at $1,519,000 after purchasing an additional 11,506 shares during the last quarter. United Services Automobile Association acquired a new position in shares of SL Green Realty in the first quarter valued at approximately $253,000. Empowered Funds LLC grew its position in shares of SL Green Realty by 10.9% in the first quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock valued at $425,000 after purchasing an additional 722 shares during the last quarter. Creative Planning acquired a new position in shares of SL Green Realty in the second quarter valued at approximately $421,000. Finally, California Public Employees Retirement System grew its position in shares of SL Green Realty by 4.6% in the second quarter. California Public Employees Retirement System now owns 131,528 shares of the real estate investment trust’s stock valued at $8,142,000 after purchasing an additional 5,789 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.