SL Green Realty (NYSE:SLG) Sets New 12-Month High – Still a Buy?

SL Green Realty Corp. (NYSE:SLG) reached a new 52-week high on Wednesday . The company traded as high as $80.60 and last traded at $80.46, with a volume of 21217 shares. The stock had previously closed at $77.99.

Analysts Set New Price Targets

SLG has been the topic of several research analyst reports. Evercore ISI lifted their target price on shares of SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. StockNews.com upgraded shares of SL Green Realty to a “sell” rating in a report on Friday, July 19th. The Goldman Sachs Group increased their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Bank of America raised their target price on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Finally, Barclays increased their price objective on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $65.57.

SL Green Realty Trading Up 2.8 %

The firm’s fifty day moving average price is $70.60 and its 200-day moving average price is $61.88. The company has a market cap of $5.22 billion, a price-to-earnings ratio of -31.20, a P/E/G ratio of 2.01 and a beta of 1.82. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58.

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). The business had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same period in the previous year, the firm earned $1.27 EPS. On average, equities analysts expect that SL Green Realty Corp. will post 7.61 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date is Thursday, October 31st. SL Green Realty’s payout ratio is currently -120.00%.

Institutional Trading of SL Green Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC boosted its holdings in shares of SL Green Realty by 12.0% in the first quarter. Janney Montgomery Scott LLC now owns 124,978 shares of the real estate investment trust’s stock worth $6,890,000 after buying an additional 13,412 shares during the period. Fidelis Capital Partners LLC purchased a new position in SL Green Realty in the first quarter valued at about $55,000. SG Americas Securities LLC raised its stake in shares of SL Green Realty by 320.9% during the 1st quarter. SG Americas Securities LLC now owns 49,775 shares of the real estate investment trust’s stock worth $2,744,000 after purchasing an additional 37,949 shares in the last quarter. Illinois Municipal Retirement Fund lifted its holdings in shares of SL Green Realty by 3.9% during the 1st quarter. Illinois Municipal Retirement Fund now owns 35,287 shares of the real estate investment trust’s stock valued at $1,945,000 after buying an additional 1,329 shares during the last quarter. Finally, NorthRock Partners LLC bought a new stake in shares of SL Green Realty in the 1st quarter valued at approximately $382,000. 89.96% of the stock is currently 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.