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

SL Green Realty Corporation (NYSE:SLG) has been assigned a consensus rating of “Hold” from the nineteen brokerages that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $50.90.

Several research analysts have recently weighed in on SLG shares. Piper Sandler decreased their target price on SL Green Realty from $60.00 to $50.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. Truist Financial boosted their target price on SL Green Realty from $44.00 to $46.00 and gave the company a “hold” rating in a research report on Wednesday, April 22nd. Evercore reaffirmed an “outperform” rating and issued a $50.00 target price on shares of SL Green Realty in a research report on Monday, June 8th. Scotiabank reaffirmed an “outperform” rating on shares of SL Green Realty in a research report on Thursday, May 21st. Finally, Deutsche Bank Aktiengesellschaft raised SL Green Realty from a “hold” rating to a “buy” rating and decreased their target price for the company from $45.00 to $44.00 in a research report on Wednesday, March 18th.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors have recently modified their holdings of SLG. Cohen & Steers Inc. bought a new position in shares of SL Green Realty in the fourth quarter valued at approximately $121,675,000. Goldman Sachs Group Inc. grew its holdings in shares of SL Green Realty by 62.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock valued at $133,862,000 after acquiring an additional 1,117,357 shares in the last quarter. Norges Bank bought a new position in shares of SL Green Realty in the fourth quarter valued at approximately $44,094,000. M&T Bank Corp purchased a new position in SL Green Realty in the fourth quarter valued at approximately $43,201,000. Finally, Victory Capital Management Inc. lifted its stake in SL Green Realty by 535.3% in the fourth quarter. Victory Capital Management Inc. now owns 1,107,618 shares of the real estate investment trust’s stock valued at $50,806,000 after purchasing an additional 933,272 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

SL Green Realty Stock Up 1.5%

Shares of SLG opened at $52.94 on Thursday. The stock’s 50-day moving average price is $46.01 and its two-hundred day moving average price is $43.37. SL Green Realty has a 12 month low of $34.77 and a 12 month high of $66.29. The company has a current ratio of 3.03, a quick ratio of 3.03 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $3.78 billion, a PE ratio of -21.09 and a beta of 1.61.

SL Green Realty Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.6175 per share. This represents a $2.47 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, June 30th. SL Green Realty’s payout ratio is currently -98.41%.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.