SL Green Realty Corp. (NYSE:SLG) Receives Average Rating of “Hold” from Brokerages

Shares of SL Green Realty Corp. (NYSE:SLG) have been assigned a consensus recommendation of “Hold” from the thirteen analysts that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $59.64.

Several research analysts recently weighed in on SLG shares. Scotiabank upped their target price on shares of SL Green Realty from $53.00 to $68.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Bank of America increased their target price on SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. StockNews.com raised SL Green Realty to a “sell” rating in a report on Friday, July 19th. The Goldman Sachs Group upped their price target on SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company lifted their price objective on shares of SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 11th.

SL Green Realty Stock Performance

Shares of SLG opened at $72.21 on Friday. The business has a 50-day simple moving average of $64.56 and a two-hundred day simple moving average of $56.93. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty has a 52 week low of $28.55 and a 52 week high of $73.80. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -8.74, a PEG ratio of 2.22 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company had revenue of $222.82 million during the quarter, compared to analyst estimates of $133.83 million. During the same period in the prior year, the firm posted $1.43 EPS. The firm’s quarterly revenue was down 9.4% compared to the same quarter last year. On average, analysts expect that SL Green Realty will post 7.58 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend was Friday, August 30th. SL Green Realty’s payout ratio is -36.32%.

Institutional Investors Weigh In On SL Green Realty

Several large investors have recently added to or reduced their stakes in SLG. Cetera Investment Advisers boosted its holdings in shares of SL Green Realty by 204.4% in the 2nd quarter. Cetera Investment Advisers now owns 16,959 shares of the real estate investment trust’s stock worth $961,000 after purchasing an additional 11,387 shares during the period. Waterfall Asset Management LLC bought a new position in SL Green Realty during the second quarter valued at $3,172,000. Lighthouse Investment Partners LLC raised its stake in shares of SL Green Realty by 150.0% in the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after acquiring an additional 90,000 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of SL Green Realty by 11.6% in the 2nd quarter. Mackenzie Financial Corp now owns 5,088 shares of the real estate investment trust’s stock worth $288,000 after acquiring an additional 530 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of SL Green Realty by 3.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,780 shares of the real estate investment trust’s stock worth $2,310,000 after purchasing an additional 1,459 shares during the period. 89.96% of the stock is owned by institutional investors.

SL Green Realty Company Profile

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.