SL Green Realty Analysts Assign Consensus Target Price of $64.33

SL Green Realty Corporation (NYSE:SLG) has received a consensus recommendation of “Hold” from analysts at sixteen brokerages currently covering the company, according to Marketbeat Ratings. The average target price set by these firms for SL Green’s stock over the next twelve months stands at approximately $64.33. This figure reflects a diverse range of opinions, with one analyst recommending a sell, ten endorsing a hold, and five advocating for a buy.

Several recent analyst reports have influenced this consensus. Barclays, for instance, set a target price of $59.00 on November 3, while JPMorgan Chase & Co. adjusted its price objective from $69.00 to $71.00, maintaining a “neutral” rating on October 9. Scotiabank echoed this sentiment by assigning a price objective of $66.00 and categorizing the stock as “sector outperform” on October 24. Conversely, Wells Fargo & Company lowered their target from $58.00 to $54.00, assigning an “equal weight” rating on October 27. Bank of America also revised its target, dropping it from $64.00 to $61.00 with a “neutral” rating on October 17.

Quarterly Earnings and Dividend Announcement

SL Green Realty reported its quarterly earnings on October 16, revealing an earnings per share (EPS) of $1.58. This performance outstripped analysts’ expectations of $1.34 by $0.24. The company achieved a net margin of 1.75% and experienced a slight negative return on equity of 0.22%. Revenue reached $244.82 million, significantly exceeding analyst estimates of $170.27 million. This marks a year-over-year revenue increase of 7.2% compared to the previous year’s quarter, where the company recorded an EPS of $1.26.

In conjunction with its earnings announcement, SL Green Realty disclosed a monthly dividend of $0.2575 per share, set to be paid on November 17. Shareholders on record as of October 31 will receive this dividend, which translates to an annualized yield of 6.5%. The ex-dividend date is also October 31, and notably, the company’s dividend payout ratio is currently positioned at 30,900.00%.

Insider Transactions and Institutional Holdings

In other developments, Director Carol N. Brown sold 937 shares of SL Green Realty stock on September 11, for a total value of approximately $59,115.33, based on an average sale price of $63.09. This transaction was duly reported to the Securities and Exchange Commission, where it can be reviewed.

Recent activity among hedge funds has also been notable. Quent Capital LLC acquired a new stake valued at $27,000 during the third quarter, while Salomon & Ludwin LLC entered a position worth about $29,000. Additionally, Whittier Trust Co. purchased a stake valued similarly at $29,000. Bessemer Group Inc. increased its holdings by 67.8% during the second quarter, now owning 626 shares worth $38,000 after acquiring an additional 253 shares. Cornerstone Planning Group LLC also significantly raised its holdings by 12,114.3%, now possessing 855 shares valued at $51,000.

Overall, institutional investors and hedge funds collectively own approximately 89.96% of SL Green Realty’s stock, reflecting a strong interest in the company within the investment community.

SL Green Realty Corporation, recognized as Manhattan’s largest office landlord, operates as a fully integrated real estate investment trust (REIT). The company focuses on acquiring, managing, and maximizing the value of commercial properties in Manhattan. As of June 30, 2022, SL Green Realty held stakes in 64 buildings encompassing 34.4 million square feet.