SL Green Realty Corporation (NYSE:SLG) Given Average Rating of “Hold” by Analysts

SL Green Realty Corporation (NYSE:SLG) has been assigned a consensus recommendation of “Hold” from the fifteen ratings firms that are presently covering the firm, Marketbeat.com reports. Eleven analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $67.29.

Several equities analysts have weighed in on the company. Scotiabank raised SL Green Realty from a “sector perform” rating to a “sector outperform” rating and set a $71.00 target price on the stock in a research note on Friday, July 25th. Wall Street Zen cut SL Green Realty from a “hold” rating to a “sell” rating in a research note on Saturday, May 24th. JPMorgan Chase & Co. reduced their price objective on shares of SL Green Realty from $70.00 to $69.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 9th. Wells Fargo & Company decreased their price objective on shares of SL Green Realty from $69.00 to $58.00 and set an “equal weight” rating for the company in a report on Monday, May 19th. Finally, Truist Financial upped their target price on shares of SL Green Realty from $54.00 to $58.00 and gave the company a “hold” rating in a research note on Friday, July 18th.

Insider Buying and Selling at SL Green Realty

In related news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction on Friday, July 18th. The shares were sold at an average price of $60.61, for a total transaction of $151,525.00. Following the completion of the transaction, the director owned 937 shares of the company’s stock, valued at $56,791.57. This trade represents a 72.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Large investors have recently bought and sold shares of the stock. LPL Financial LLC raised its holdings in shares of SL Green Realty by 4.7% in the 4th quarter. LPL Financial LLC now owns 18,613 shares of the real estate investment trust’s stock worth $1,264,000 after purchasing an additional 844 shares during the period. Pictet Asset Management Holding SA grew its holdings in SL Green Realty by 6.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 20,784 shares of the real estate investment trust’s stock valued at $1,412,000 after purchasing an additional 1,310 shares during the period. California Public Employees Retirement System increased its position in SL Green Realty by 2.3% in the fourth quarter. California Public Employees Retirement System now owns 127,159 shares of the real estate investment trust’s stock worth $8,637,000 after buying an additional 2,834 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of SL Green Realty by 2.4% in the fourth quarter. Alliancebernstein L.P. now owns 102,062 shares of the real estate investment trust’s stock valued at $6,932,000 after buying an additional 2,440 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of SL Green Realty by 196.4% in the fourth quarter. Franklin Resources Inc. now owns 26,314 shares of the real estate investment trust’s stock valued at $1,787,000 after buying an additional 17,437 shares during the period. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Stock Down 2.6%

Shares of NYSE:SLG opened at $55.76 on Monday. The company has a 50 day moving average of $61.38 and a 200-day moving average of $59.74. SL Green Realty has a one year low of $45.15 and a one year high of $82.81. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of -103.26 and a beta of 1.69. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.85.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.26. The firm had revenue of $147.54 million during the quarter, compared to analyst estimates of $171.24 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.05 EPS. On average, sell-side analysts forecast that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Dividend Announcement

The business also recently declared a jul 25 dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a $0.2575 dividend. This represents a dividend yield of 510.0%. The ex-dividend date is Thursday, July 31st. SL Green Realty’s payout ratio is -572.22%.

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.