SL Green Realty Corporation (NYSE:SLG) Receives Average Rating of “Hold” from Analysts

Shares of SL Green Realty Corporation (NYSE:SLG) have been assigned a consensus rating of “Hold” from the nineteen analysts that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, nine have given a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $57.42.

SLG has been the subject of several recent analyst reports. Morgan Stanley set a $52.00 target price on shares of SL Green Realty and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company set a $56.50 price target on SL Green Realty and gave the company an “equal weight” rating in a report on Tuesday, September 1st. Truist Financial set a $57.00 target price on SL Green Realty and gave the company a “hold” rating in a research report on Monday, August 24th. BMO Capital Markets reaffirmed an “outperform” rating and set a $60.00 target price (up from $52.00) on shares of SL Green Realty in a research note on Monday, July 27th. Finally, Citigroup reissued a “buy” rating and set a $60.00 price target (up from $45.00) on shares of SL Green Realty in a report on Friday, July 24th.

Insider Activity at SL Green Realty

In related news, insider Harrison Sitomer sold 23,113 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the sale, the insider owned 109,468 shares of the company’s stock, valued at $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SL Green Realty

Hedge funds have recently modified their holdings of the company. Integrated Wealth Concepts LLC bought a new position in SL Green Realty during the second quarter valued at about $33,000. Global Retirement Partners LLC bought a new stake in shares of SL Green Realty in the 2nd quarter worth approximately $53,000. Davis Capital Management acquired a new stake in SL Green Realty during the first quarter valued at approximately $46,000. Leonteq Securities AG boosted its holdings in SL Green Realty by 4,194.0% during the first quarter. Leonteq Securities AG now owns 2,147 shares of the real estate investment trust’s stock worth $79,000 after buying an additional 2,097 shares in the last quarter. Finally, Rosenberg Matthew Hamilton acquired a new position in SL Green Realty in the third quarter worth approximately $113,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

SL Green Realty Stock Performance

Shares of NYSE SLG opened at $48.55 on Friday. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. The firm’s 50-day moving average price is $53.84 and its two-hundred day moving average price is $48.45. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $60.09. The stock has a market capitalization of $3.45 billion, a P/E ratio of -17.78, a P/E/G ratio of 4.03 and a beta of 1.66.

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

SL Green Realty Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend is Wednesday, September 30th. SL Green Realty’s dividend payout ratio is currently -90.48%.

SL Green Realty Company Profile

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on owning, managing, acquiring, developing and redeveloping office and retail properties in Manhattan. The company’s portfolio is concentrated in New York City, particularly in major commercial districts, and it serves office tenants, retailers and visitors through its managed properties and related amenities.

SL Green’s activities include leasing commercial space, overseeing property operations and pursuing development and redevelopment projects.