SL Green Realty (NYSE:SLG) Earns Outperform Rating from BMO Capital Markets

BMO Capital Markets reaffirmed their outperform rating on shares of SL Green Realty (NYSE:SLG) in a report released on Monday morning, Benzinga reports. They currently have a $87.00 target price on the real estate investment trust’s stock, up from their previous target price of $72.00.

Other equities analysts also recently issued reports about the company. Scotiabank upped their target price on SL Green Realty from $53.00 to $68.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Barclays raised their price target on shares of SL Green Realty from $58.00 to $66.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. Compass Point set a $65.00 price objective on shares of SL Green Realty and gave the company a “neutral” rating in a report on Friday, October 18th. Evercore ISI raised shares of SL Green Realty from an “underperform” rating to an “inline” rating and raised their target price for the stock from $55.00 to $66.00 in a report on Monday, September 16th. Finally, Piper Sandler set a $75.00 price target on shares of SL Green Realty in a report on Thursday, October 17th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $64.71.

SL Green Realty Price Performance

Shares of SLG opened at $75.58 on Monday. The company has a 50 day moving average of $68.44 and a two-hundred day moving average of $60.18. The company has a market cap of $4.98 billion, a price-to-earnings ratio of -9.15, a price-to-earnings-growth ratio of 2.18 and a beta of 1.83. The company has a quick ratio of 2.59, a current ratio of 2.58 and a debt-to-equity ratio of 1.07. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $79.08.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The business had revenue of $229.69 million for the quarter, compared to analysts’ expectations of $136.66 million. During the same quarter last year, the firm earned $1.27 earnings per share. As a group, analysts predict that SL Green Realty will post 7.62 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Thursday, October 31st. SL Green Realty’s payout ratio is -36.32%.

Hedge Funds Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently made changes to their positions in the company. Xponance Inc. increased its position in shares of SL Green Realty by 6.6% during the second quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock worth $240,000 after purchasing an additional 262 shares in the last quarter. Vert Asset Management LLC boosted its stake in SL Green Realty by 1.5% during the 3rd quarter. Vert Asset Management LLC now owns 26,909 shares of the real estate investment trust’s stock worth $1,873,000 after purchasing an additional 394 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of SL Green Realty by 1.6% during the second quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the real estate investment trust’s stock worth $1,846,000 after buying an additional 500 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of SL Green Realty during the second quarter worth $29,000. Finally, Mackenzie Financial Corp raised its position in shares of SL Green Realty by 11.6% in the second quarter. Mackenzie Financial Corp now owns 5,088 shares of the real estate investment trust’s stock valued at $288,000 after buying an additional 530 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

About SL Green Realty

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.