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

Shares of SL Green Realty Corp (NYSE:SLG) have earned an average recommendation of “Hold” from the sixteen ratings firms that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $93.59.

A number of equities research analysts have recently commented on SLG shares. Scotiabank lowered shares of SL Green Realty from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $96.00 to $84.00 in a research note on Friday, August 16th. Citigroup reduced their price objective on shares of SL Green Realty from $105.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Zacks Investment Research raised shares of SL Green Realty from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a research note on Wednesday, September 11th. Stifel Nicolaus lowered shares of SL Green Realty from a “buy” rating to a “hold” rating in a research note on Monday. Finally, ValuEngine lowered shares of SL Green Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, June 18th.

NYSE SLG traded down $3.25 on Thursday, hitting $78.50. The company’s stock had a trading volume of 1,246,014 shares, compared to its average volume of 652,947. The company’s 50-day moving average is $80.05 and its 200 day moving average is $84.33. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 1.01. SL Green Realty has a 1-year low of $75.46 and a 1-year high of $97.59. The firm has a market cap of $6.74 billion, a PE ratio of 11.86, a PEG ratio of 3.41 and a beta of 1.10.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $1.94 EPS for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.21. SL Green Realty had a net margin of 19.88% and a return on equity of 3.99%. The company had revenue of $244.96 million for the quarter, compared to analyst estimates of $241.61 million. During the same period in the prior year, the firm posted $1.69 EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, equities analysts expect that SL Green Realty will post 6.92 EPS for the current year.

The business also recently announced a — dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.85 per share. This represents a yield of 4.2%. The ex-dividend date is Friday, September 27th. SL Green Realty’s dividend payout ratio is presently 51.36%.

In related news, Director Edwin T. Burton III sold 7,000 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $81.00, for a total transaction of $567,000.00. Following the transaction, the director now directly owns 292 shares of the company’s stock, valued at $23,652. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.99% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of SLG. Nuveen Asset Management LLC boosted its stake in SL Green Realty by 942.8% during the second quarter. Nuveen Asset Management LLC now owns 1,586,903 shares of the real estate investment trust’s stock worth $127,539,000 after acquiring an additional 1,434,729 shares in the last quarter. Invesco Ltd. boosted its stake in SL Green Realty by 62.3% during the second quarter. Invesco Ltd. now owns 2,652,268 shares of the real estate investment trust’s stock worth $213,162,000 after acquiring an additional 1,018,128 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in SL Green Realty by 210.1% during the second quarter. JPMorgan Chase & Co. now owns 976,582 shares of the real estate investment trust’s stock worth $77,726,000 after acquiring an additional 661,637 shares in the last quarter. Long Pond Capital LP boosted its stake in SL Green Realty by 108.1% during the second quarter. Long Pond Capital LP now owns 1,136,853 shares of the real estate investment trust’s stock worth $91,369,000 after acquiring an additional 590,642 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in SL Green Realty by 51.0% during the second quarter. Renaissance Technologies LLC now owns 1,133,210 shares of the real estate investment trust’s stock worth $91,076,000 after acquiring an additional 382,500 shares in the last quarter. 99.37% of the stock is currently owned by institutional investors and hedge funds.

About SL Green Realty

SL Green Realty Corp., an S&P 500 company and New York City'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 March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.

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Analyst Recommendations for SL Green Realty (NYSE:SLG)

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