SL Green Realty Corporation (NYSE:SLG) Given Consensus Recommendation of “Hold” by Brokerages

SL Green Realty Corporation (NYSE:SLG) has received an average recommendation of “Hold” from the eighteen research firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $52.85.

Several analysts recently issued reports on the company. UBS Group set a $61.00 price target on SL Green Realty in a report on Wednesday, January 14th. BTIG Research reduced their price objective on SL Green Realty from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Deutsche Bank Aktiengesellschaft set a $45.00 target price on SL Green Realty in a research report on Tuesday, January 6th. Piper Sandler lowered their target price on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, January 5th. Finally, Zacks Research upgraded SL Green Realty from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 25th.

Insider Activity at SL Green Realty

In other SL Green Realty news, insider Andrew S. Levine sold 1,493 shares of the stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.27, for a total value of $67,588.11. Following the completion of the sale, the insider owned 7,045 shares of the company’s stock, valued at $318,927.15. This trade represents a 17.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Holliday sold 22,223 shares of SL Green Realty stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total transaction of $986,701.20. Following the sale, the chief executive officer owned 9,698 shares in the company, valued at $430,591.20. This represents a 69.62% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC boosted its position in SL Green Realty by 17.0% in the 4th quarter. Hsbc Holdings PLC now owns 131,367 shares of the real estate investment trust’s stock valued at $6,030,000 after buying an additional 19,052 shares during the last quarter. Invesco Ltd. increased its position in shares of SL Green Realty by 83.0% during the fourth quarter. Invesco Ltd. now owns 310,982 shares of the real estate investment trust’s stock worth $14,265,000 after acquiring an additional 141,060 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in shares of SL Green Realty by 11.3% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 9,595 shares of the real estate investment trust’s stock worth $440,000 after acquiring an additional 976 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of SL Green Realty by 6.2% in the fourth quarter. Empowered Funds LLC now owns 6,220 shares of the real estate investment trust’s stock worth $285,000 after acquiring an additional 361 shares in the last quarter. Finally, Adelante Capital Management LLC purchased a new position in SL Green Realty in the fourth quarter valued at about $4,441,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Trading Down 1.2%

Shares of SLG stock opened at $36.77 on Tuesday. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 1.05. SL Green Realty has a fifty-two week low of $35.03 and a fifty-two week high of $66.91. The firm’s 50 day moving average price is $42.44 and its two-hundred day moving average price is $48.71. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -22.84 and a beta of 1.66.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative net margin of 9.66% and a negative return on equity of 2.44%. The company had revenue of $159.82 million during the quarter, compared to analyst estimates of $162.73 million. During the same quarter in the prior year, the business earned $1.81 earnings per share. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.