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

SL Green Realty Corporation (NYSE:SLG) has been given an average recommendation of “Hold” by the sixteen research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $64.6667.

A number of equities analysts have recently commented on SLG shares. Citigroup raised shares of SL Green Realty from a “neutral” rating to a “buy” rating and raised their target price for the company from $65.00 to $70.00 in a research note on Friday, September 12th. Scotiabank set a $66.00 target price on shares of SL Green Realty and gave the company a “sector outperform” rating in a research note on Friday. Evercore ISI lowered their price target on shares of SL Green Realty from $72.00 to $63.00 and set an “outperform” rating for the company in a report on Monday, October 20th. New Street Research set a $72.00 price target on shares of SL Green Realty in a report on Thursday, October 9th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of SL Green Realty in a report on Monday, October 13th. They set a “neutral” rating and a $63.00 price target for the company.

SL Green Realty Stock Performance

Shares of SLG stock opened at $51.88 on Friday. The company’s fifty day simple moving average is $58.13 and its 200-day simple moving average is $58.04. SL Green Realty has a 52 week low of $45.15 and a 52 week high of $82.81. The company has a current ratio of 3.22, a quick ratio of 2.72 and a debt-to-equity ratio of 1.04. The company has a market cap of $3.70 billion, a PE ratio of 5,192.99 and a beta of 1.77.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, October 15th. The real estate investment trust reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The business had revenue of $149.67 million for the quarter, compared to the consensus estimate of $170.27 million. During the same quarter last year, the firm posted $1.26 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, equities research analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be issued a dividend of $0.2575 per share. This represents a c) dividend on an annualized basis and a yield of 6.0%. The ex-dividend date of this dividend is Friday, October 31st. SL Green Realty’s dividend payout ratio (DPR) is presently 30,900.00%.

Insiders Place Their Bets

In related news, Director Carol N. Brown sold 937 shares of the firm’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $63.09, for a total transaction of $59,115.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.04% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Summit Place Financial Advisors LLC grew its holdings in SL Green Realty by 1.6% during the 3rd quarter. Summit Place Financial Advisors LLC now owns 21,560 shares of the real estate investment trust’s stock worth $1,290,000 after acquiring an additional 345 shares in the last quarter. SG Americas Securities LLC grew its holdings in SL Green Realty by 1,927.2% during the 3rd quarter. SG Americas Securities LLC now owns 49,383 shares of the real estate investment trust’s stock worth $2,954,000 after acquiring an additional 46,947 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in SL Green Realty during the 3rd quarter worth $29,000. Miracle Mile Advisors LLC acquired a new position in SL Green Realty during the 3rd quarter worth $253,000. Finally, Ethic Inc. grew its holdings in SL Green Realty by 2.4% during the 3rd quarter. Ethic Inc. now owns 8,132 shares of the real estate investment trust’s stock worth $486,000 after acquiring an additional 193 shares in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

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.