Late on Thursday, analysts at Wells Fargo boosted the price target on Manhattan-based REIT SL Green Realty Corp (SLG).
The analysts maintain a “Market Perform” rating on SLG and see shares reaching a range of $83 to $88. The previous target range was between $80 and $85. Thursday’s closing price of $85.45 is about in-line with the analysts’ new valuation average.
A Wells Fargo analyst said, “SLG has the largest office portfolio in the NYC market. Its high quality portfolio, plus a positive long-term fundamental outlook for NYC and strong management team underscore the long-term upbeat outlook for SLG. Yet, leverage that is above peers and an investment philosophy that is geared towards asset recycling increases risk.”
SL Green shares were inactive during pre-market trading on Friday. The stock is up +8.77% over the past year.
The Bottom Line
Shares of SL Green Realty (SLG) have a dividend yield of 1.54% based on last night’s closing price of $85.46 and the company’s annualized dividend payout of $1.32 per share.
SL Green Realty Corp (SLG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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