Morgan Stanley Raises SL Green Realty (NYSE:SLG) Price Target to $50.00

SL Green Realty (NYSE:SLG) had its target price hoisted by Morgan Stanley from $47.00 to $50.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

Several other equities analysts have also recently weighed in on SLG. Barclays increased their price target on SL Green Realty from $49.00 to $58.00 and gave the company an equal weight rating in a report on Tuesday, July 30th. Piper Sandler raised their target price on SL Green Realty from $58.00 to $75.00 and gave the stock an overweight rating in a research report on Wednesday, July 24th. The Goldman Sachs Group upped their price target on shares of SL Green Realty from $38.00 to $42.00 and gave the company a sell rating in a research report on Wednesday, July 31st. BMO Capital Markets raised their price objective on shares of SL Green Realty from $58.00 to $72.00 and gave the stock an outperform rating in a report on Tuesday, July 30th. Finally, Compass Point raised shares of SL Green Realty from a sell rating to a neutral rating and upped their target price for the company from $35.00 to $60.00 in a report on Wednesday, September 18th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, SL Green Realty currently has an average rating of Hold and an average price target of $60.43.

SL Green Realty Stock Performance

Shares of SLG opened at $67.89 on Wednesday. The company has a market cap of $4.47 billion, a price-to-earnings ratio of -8.22, a P/E/G ratio of 1.86 and a beta of 1.83. The business’s fifty day simple moving average is $66.26 and its two-hundred day simple moving average is $58.80. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $73.80. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The business had revenue of $222.82 million during the quarter, compared to analyst estimates of $133.83 million. During the same quarter in the previous year, the firm earned $1.43 EPS. SL Green Realty’s revenue was down 9.4% on a year-over-year basis. Research analysts anticipate that SL Green Realty will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 4.42%. The ex-dividend date of this dividend is Monday, September 30th. SL Green Realty’s payout ratio is currently -36.32%.

Institutional Trading of SL Green Realty

Several hedge funds have recently made changes to their positions in the business. Miracle Mile Advisors LLC purchased a new stake in shares of SL Green Realty during the 3rd quarter valued at about $209,000. GAMMA Investing LLC raised its position in shares of SL Green Realty by 16.7% during the 3rd quarter. GAMMA Investing LLC now owns 3,989 shares of the real estate investment trust’s stock valued at $278,000 after buying an additional 571 shares in the last quarter. Cetera Investment Advisers raised its position in shares of SL Green Realty by 204.4% during the 2nd quarter. Cetera Investment Advisers now owns 16,959 shares of the real estate investment trust’s stock valued at $961,000 after buying an additional 11,387 shares in the last quarter. Waterfall Asset Management LLC purchased a new stake in shares of SL Green Realty during the 2nd quarter valued at about $3,172,000. Finally, Lighthouse Investment Partners LLC raised its position in shares of SL Green Realty by 150.0% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after buying an additional 90,000 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

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.