SL Green Realty Corporation (NYSE:SLG) Given Average Recommendation of “Hold” by Analysts

SL Green Realty Corporation (NYSE:SLG) has been given a consensus recommendation of “Hold” by the nineteen research firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $57.2750.

Several equities analysts recently weighed in on the stock. Citigroup reaffirmed a “buy” rating and set a $60.00 target price (up from $45.00) on shares of SL Green Realty in a research note on Friday, July 24th. LADENBURG THALM/SH SH boosted their price target on shares of SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Morgan Stanley set a $52.00 price objective on shares of SL Green Realty and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. Mizuho set a $53.00 price objective on SL Green Realty in a research report on Tuesday. Finally, Truist Financial set a $57.00 price objective on SL Green Realty and gave the company a “hold” rating in a research report on Monday, August 24th.

SL Green Realty Stock Up 2.9%

SLG stock opened at $53.12 on Tuesday. The business’s 50-day moving average price is $54.11 and its 200-day moving average price is $46.85. The stock has a market cap of $3.78 billion, a P/E ratio of -19.46, a PEG ratio of 2.28 and a beta of 1.60. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. SL Green Realty has a twelve month low of $34.77 and a twelve month high of $66.29.

SL Green Realty (NYSE:SLG) last released its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The company had revenue of $264.00 million during the quarter, compared to analyst estimates of $179.01 million. During the same period in the prior year, the firm posted $1.63 EPS. The firm’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, equities research analysts forecast that SL Green Realty will post 5.56 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.6175 dividend. This represents a $2.47 annualized dividend and a yield of 4.7%. The ex-dividend date was Tuesday, June 30th. SL Green Realty’s payout ratio is currently -90.48%.

Insider Transactions at SL Green Realty

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the completion of the transaction, the insider owned 109,468 shares in the company, valued at $6,317,398.28. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.94% of the stock is currently owned by insiders.

Institutional Trading of SL Green Realty

Several hedge funds have recently made changes to their positions in SLG. Sequoia Financial Advisors LLC lifted its holdings in shares of SL Green Realty by 11.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,694 shares of the real estate investment trust’s stock valued at $761,000 after acquiring an additional 1,492 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in SL Green Realty in the second quarter worth about $33,000. NewEdge Advisors LLC increased its stake in SL Green Realty by 1,110.4% during the second quarter. NewEdge Advisors LLC now owns 4,648 shares of the real estate investment trust’s stock worth $241,000 after acquiring an additional 4,264 shares during the last quarter. Squarepoint Ops LLC increased its stake in SL Green Realty by 66.5% during the second quarter. Squarepoint Ops LLC now owns 182,962 shares of the real estate investment trust’s stock worth $9,472,000 after acquiring an additional 73,042 shares during the last quarter. Finally, Allworth Financial LP raised its position in SL Green Realty by 24.3% during the second quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust’s stock valued at $132,000 after purchasing an additional 499 shares during the period. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Company Profile

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and operating commercial properties in Manhattan. The company’s portfolio is centered on office buildings, with additional interests in retail, residential and other mixed-use real estate.

SL Green leases space to businesses across a range of industries and provides property management, leasing, development and redevelopment services. Its Manhattan holdings include prominent office properties such as One Vanderbilt, along with retail and hospitality-related assets.