Brokerages Set SL Green Realty Corp. (NYSE:SLG) PT at $66.33

Shares of SL Green Realty Corp. (NYSE:SLG) have received an average recommendation of “Hold” from the fifteen analysts that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $66.33.

SLG has been the subject of a number of recent research reports. Scotiabank cut their price target on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research note on Friday, February 28th. Jefferies Financial Group initiated coverage on SL Green Realty in a report on Monday, March 17th. They issued a “hold” rating and a $58.00 price objective on the stock. Piper Sandler cut their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Truist Financial decreased their target price on shares of SL Green Realty from $62.00 to $54.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd. Finally, Wall Street Zen lowered shares of SL Green Realty from a “hold” rating to a “sell” rating in a research note on Saturday.

Institutional Trading of SL Green Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norinchukin Bank The boosted its position in shares of SL Green Realty by 6.6% in the fourth quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust’s stock valued at $212,000 after acquiring an additional 192 shares during the period. Quadrant Capital Group LLC grew its position in SL Green Realty by 37.4% in the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 208 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of SL Green Realty by 4.7% during the 1st quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust’s stock worth $307,000 after purchasing an additional 240 shares during the period. Nissay Asset Management Corp Japan ADV raised its position in shares of SL Green Realty by 2.5% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 10,257 shares of the real estate investment trust’s stock valued at $592,000 after buying an additional 247 shares during the last quarter. Finally, Natixis Advisors LLC lifted its stake in shares of SL Green Realty by 1.3% in the fourth quarter. Natixis Advisors LLC now owns 21,820 shares of the real estate investment trust’s stock valued at $1,482,000 after buying an additional 284 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Stock Performance

Shares of SLG opened at $55.54 on Wednesday. The company has a market capitalization of $3.96 billion, a PE ratio of 694.25, a PEG ratio of 5.30 and a beta of 1.59. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The company’s 50 day moving average price is $54.78 and its 200 day moving average price is $63.50. SL Green Realty has a 52 week low of $45.15 and a 52 week high of $82.81.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 EPS for the quarter, beating the consensus estimate of $1.27 by $0.13. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. The business had revenue of $144.52 million for the quarter, compared to analysts’ expectations of $158.44 million. Research analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $0.2575 per share. The ex-dividend date is Friday, May 30th. This represents a $1.03 annualized dividend and a dividend yield of 1.85%. SL Green Realty’s dividend payout ratio is presently -735.71%.

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.