SL Green Realty (NYSE:SLG) Reaches New 12-Month High at $57.34

Shares of SL Green Realty Corp. (NYSE:SLG - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $57.34 and last traded at $55.63, with a volume of 121241 shares trading hands. The stock had previously closed at $54.77.

Wall Street Analysts Forecast Growth

SLG has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of SL Green Realty in a research note on Tuesday, January 30th. They set a "hold" rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of SL Green Realty from $43.00 to $44.00 and gave the stock an "underweight" rating in a report on Thursday, April 25th. Piper Sandler restated an "overweight" rating and issued a $58.00 price target on shares of SL Green Realty in a report on Tuesday, March 26th. BMO Capital Markets raised shares of SL Green Realty from a "market perform" rating to an "outperform" rating and raised their target price for the company from $56.00 to $58.00 in a research report on Thursday, April 18th. Finally, Barclays raised SL Green Realty from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $35.00 to $48.00 in a research report on Wednesday, March 27th. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, SL Green Realty currently has an average rating of "Hold" and a consensus price target of $47.00.

SL Green Realty Stock Performance

The company has a fifty day moving average of $51.67 and a two-hundred day moving average of $45.51. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.96 and a current ratio of 2.96. The company has a market cap of $3.56 billion, a price-to-earnings ratio of -6.54, a P/E/G ratio of 1.43 and a beta of 1.72.

SL Green Realty Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 5.56%. The ex-dividend date of this dividend is Monday, April 29th. SL Green Realty's dividend payout ratio is currently -36.32%.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC grew its stake in shares of SL Green Realty by 66.4% in the third quarter. Commonwealth Equity Services LLC now owns 17,752 shares of the real estate investment trust's stock worth $662,000 after purchasing an additional 7,086 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of SL Green Realty by 4.6% in the third quarter. Bank of New York Mellon Corp now owns 1,033,136 shares of the real estate investment trust's stock valued at $38,536,000 after buying an additional 45,247 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of SL Green Realty by 8.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,270 shares of the real estate investment trust's stock worth $1,017,000 after acquiring an additional 2,064 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of SL Green Realty by 122.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,732 shares of the real estate investment trust's stock worth $102,000 after acquiring an additional 1,502 shares during the period. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of SL Green Realty in the third quarter worth approximately $248,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.