SL Green Realty (NYSE:SLG) Sets New 52-Week High – What’s Next?

SL Green Realty Corp. (NYSE:SLG)’s share price hit a new 52-week high on Thursday . The stock traded as high as $74.51 and last traded at $74.07, with a volume of 60984 shares. The stock had previously closed at $72.69.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Truist Financial lifted their price objective on shares of SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Morgan Stanley raised their target price on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Barclays raised their target price on shares of SL Green Realty from $58.00 to $66.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Piper Sandler raised their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Finally, The Goldman Sachs Group raised their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and a consensus price target of $60.43.

SL Green Realty Stock Up 3.6 %

The stock has a market cap of $4.96 billion, a price-to-earnings ratio of -8.95, a P/E/G ratio of 1.86 and a beta of 1.83. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98. The stock’s 50-day moving average price is $66.98 and its 200-day moving average price is $59.32.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). 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 $229.69 million for the quarter, compared to analyst estimates of $136.66 million. During the same quarter in the previous year, the firm earned $1.27 EPS. On average, sell-side analysts expect that SL Green Realty Corp. will post 7.61 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend was Monday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of SL Green Realty in the second quarter valued at about $29,000. Rothschild Investment LLC purchased a new stake in shares of SL Green Realty in the second quarter valued at about $55,000. Fidelis Capital Partners LLC purchased a new stake in shares of SL Green Realty in the first quarter valued at about $55,000. Miracle Mile Advisors LLC purchased a new stake in SL Green Realty during the third quarter worth about $209,000. Finally, GAMMA Investing LLC increased its holdings in SL Green Realty by 6.3% during the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock worth $182,000 after buying an additional 196 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

SL Green Realty Company Profile

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.