SL Green Realty’s (SLG) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of SL Green Realty (NYSE:SLG) in a report published on Monday morning, Benzinga reports. Piper Sandler currently has a $90.00 price target on the real estate investment trust’s stock, up from their prior price target of $75.00.

Other equities research analysts have also issued reports about the stock. Truist Financial raised their price objective on shares of SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Wells Fargo & Company lifted their price target on SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 11th. StockNews.com raised SL Green Realty to a “sell” rating in a research report on Friday, July 19th. Morgan Stanley lifted their target price on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Finally, Compass Point set a $65.00 price target on SL Green Realty and gave the stock a “neutral” rating in a research report on Friday, October 18th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $64.71.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $75.58 on Monday. The stock’s fifty day simple moving average is $68.44 and its 200 day simple moving average is $60.18. The company has a current ratio of 2.58, a quick ratio of 2.59 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $4.98 billion, a PE ratio of -9.15, a PEG ratio of 2.18 and a beta of 1.83. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $79.08.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data 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 net margin of 16.78% and a negative return on equity of 3.76%. The business had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. During the same quarter last year, the firm earned $1.27 EPS. On average, research analysts predict that SL Green Realty will post 7.62 EPS for the current year.

SL Green Realty Announces Dividend

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

Hedge Funds Weigh In On SL Green Realty

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new position in SL Green Realty in the second quarter valued at approximately $29,000. Friedenthal Financial acquired a new position in shares of SL Green Realty during the 3rd quarter worth $49,000. Fidelis Capital Partners LLC bought a new stake in shares of SL Green Realty during the 1st quarter worth $55,000. Rothschild Investment LLC acquired a new stake in SL Green Realty in the second quarter valued at about $55,000. Finally, Blue Trust Inc. grew its position in SL Green Realty by 363.2% in the third quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 632 shares during the last quarter. Institutional investors and hedge funds 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.