SL Green Realty Corporation (NYSE:SLG) Receives $55.15 Average Target Price from Analysts

SL Green Realty Corporation (NYSE:SLG) has earned an average rating of “Hold” from the nineteen research firms that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $55.15.

Several brokerages have issued reports on SLG. Piper Sandler set a $79.00 price target on SL Green Realty and gave the stock an “overweight” rating in a report on Friday, July 24th. Wall Street Zen lowered SL Green Realty from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Barclays set a $52.00 target price on SL Green Realty and gave the stock an “equal weight” rating in a report on Tuesday, July 21st. LADENBURG THALM/SH SH lifted their price target on shares of SL Green Realty from $42.00 to $46.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Finally, Scotiabank boosted their price target on shares of SL Green Realty from $56.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 5th.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $56.84 on Friday. The firm has a market capitalization of $4.04 billion, a P/E ratio of -20.82, a P/E/G ratio of 2.46 and a beta of 1.58. The firm’s 50-day moving average price is $52.36 and its 200-day moving average price is $45.05. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05. SL Green Realty has a 1-year low of $34.77 and a 1-year high of $66.29.

SL Green Realty (NYSE:SLG) last issued its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The company had revenue of $264.00 million during the quarter, compared to the consensus estimate of $179.01 million. During the same period last year, the business posted $1.63 EPS. The firm’s revenue for the quarter was up 16.5% compared to the same quarter last year. Equities research analysts anticipate that SL Green Realty will post 5.44 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, June 30th. SL Green Realty’s dividend payout ratio (DPR) is -90.48%.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC grew its holdings in SL Green Realty by 74.8% during the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock worth $1,519,000 after buying an additional 11,506 shares in the last quarter. United Services Automobile Association bought a new position in SL Green Realty during the 1st quarter valued at $253,000. Empowered Funds LLC lifted its stake in SL Green Realty by 10.9% during the 1st quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock valued at $425,000 after acquiring an additional 722 shares in the last quarter. Creative Planning purchased a new position in SL Green Realty during the 2nd quarter worth $421,000. Finally, California Public Employees Retirement System boosted its holdings in SL Green Realty by 4.6% during the 2nd quarter. California Public Employees Retirement System now owns 131,528 shares of the real estate investment trust’s stock worth $8,142,000 after acquiring an additional 5,789 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

About SL Green Realty

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.