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

SL Green Realty Corp. (NYSE:SLG) has been given a consensus recommendation of “Hold” by the thirteen analysts that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $60.43.

Several analysts have weighed in on the stock. BMO Capital Markets boosted their price target on shares of SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Truist Financial increased their target price on SL Green Realty from $47.00 to $55.00 and gave the company a “hold” rating in a report on Friday, July 19th. Evercore ISI raised SL Green Realty from an “underperform” rating to an “inline” rating and lifted their price target for the stock from $55.00 to $66.00 in a research note on Monday, September 16th. Compass Point raised SL Green Realty from a “sell” rating to a “neutral” rating and increased their price objective for the company from $35.00 to $60.00 in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company lifted their target price on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 11th.

SL Green Realty Stock Up 0.8 %

SLG opened at $67.91 on Tuesday. The business’s fifty day simple moving average is $66.36 and its 200 day simple moving average is $58.91. SL Green Realty has a 52 week low of $28.55 and a 52 week high of $73.80. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. The stock has a market cap of $4.47 billion, a PE ratio of -8.22, a P/E/G ratio of 1.86 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.09. The firm had revenue of $222.82 million for the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company’s revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.43 EPS. As a group, research analysts expect that SL Green Realty will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date of this dividend is Monday, September 30th. SL Green Realty’s payout ratio is presently -36.32%.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in SL Green Realty by 0.6% in the first quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock worth $572,524,000 after purchasing an additional 60,032 shares during the period. Wellington Management Group LLP raised its stake in SL Green Realty by 7.6% during the fourth quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock valued at $50,363,000 after buying an additional 78,322 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in SL Green Realty by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after acquiring an additional 88,309 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of SL Green Realty by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock worth $45,906,000 after acquiring an additional 14,167 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of SL Green Realty by 24.7% during the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after acquiring an additional 158,268 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.