SL Green Realty Corp. (NYSE:SLG) Receives Consensus Rating of “Reduce” from Analysts

SL Green Realty Corp. (NYSE:SLG) has earned a consensus rating of “Reduce” from the twelve analysts that are covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $45.83.

SLG has been the topic of a number of recent analyst reports. TheStreet raised SL Green Realty from a “d+” rating to a “c-” rating in a research report on Wednesday, January 10th. Morgan Stanley lifted their target price on shares of SL Green Realty from $41.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 28th. Scotiabank upped their price target on shares of SL Green Realty from $40.00 to $43.00 and gave the company a “sector underperform” rating in a research note on Tuesday, April 2nd. StockNews.com raised shares of SL Green Realty to a “sell” rating in a report on Saturday, February 3rd. Finally, Evercore ISI lowered shares of SL Green Realty from an “in-line” rating to an “underperform” rating and set a $44.00 price objective on the stock. in a report on Monday, March 18th.

Insider Transactions at SL Green Realty

In related news, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the transaction, the director now directly owns 6,886 shares in the company, valued at $325,363.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Betsy S. Atkins sold 9,894 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $47.25, for a total transaction of $467,491.50. Following the sale, the director now owns 6,886 shares of the company’s stock, valued at approximately $325,363.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Hedge funds have recently modified their holdings of the company. Private Trust Co. NA purchased a new position in shares of SL Green Realty in the 4th quarter valued at about $33,000. Financial Gravity Asset Management Inc. grew its holdings in SL Green Realty by 3,073.3% in the third quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 922 shares during the period. Rockefeller Capital Management L.P. grew its holdings in SL Green Realty by 92.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 747 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of SL Green Realty in the third quarter valued at approximately $88,000. Finally, Advisory Services Network LLC acquired a new position in shares of SL Green Realty during the 4th quarter worth approximately $95,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Stock Down 3.0 %

Shares of SL Green Realty stock opened at $49.66 on Tuesday. SL Green Realty has a 52-week low of $20.51 and a 52-week high of $55.75. The firm’s 50 day moving average price is $49.51 and its 200-day moving average price is $42.92. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.93. The company has a market cap of $3.22 billion, a P/E ratio of -5.46, a PEG ratio of 1.72 and a beta of 1.71.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.04%. SL Green Realty’s payout ratio is currently -33.00%.

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.