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

SL Green Realty Corp. (NYSE:SLG) has been assigned a consensus rating of “Reduce” from the thirteen analysts that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $57.29.

SLG has been the subject of a number of research analyst reports. Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $44.00 to $66.00 in a report on Friday, September 13th. Bank of America boosted their price target on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Piper Sandler raised their price objective on SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. upped their target price on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group raised their price target on SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st.

SL Green Realty Trading Down 2.1 %

Shares of NYSE SLG opened at $69.21 on Friday. SL Green Realty has a fifty-two week low of $28.55 and a fifty-two week high of $71.32. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.59 and a current ratio of 2.59. The company has a market cap of $4.56 billion, a price-to-earnings ratio of -8.38, a PEG ratio of 2.15 and a beta of 1.83. The business’s 50 day moving average price is $64.04 and its 200-day moving average price is $56.71.

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. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company had revenue of $222.82 million for the quarter, compared to the consensus estimate of $133.83 million. During the same quarter in the prior year, the company posted $1.43 EPS. SL Green Realty’s quarterly revenue was down 9.4% on a year-over-year basis. On average, sell-side analysts expect that SL Green Realty will post 7.58 earnings per share for the current year.

SL Green Realty Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Monday, September 16th. Stockholders 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 4.33%. The ex-dividend date of this dividend was Friday, August 30th. SL Green Realty’s dividend payout ratio is currently -36.32%.

Hedge Funds Weigh In On SL Green Realty

Institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of SL Green Realty in the 2nd quarter worth $29,000. Fidelis Capital Partners LLC acquired a new stake in SL Green Realty in the first quarter worth about $55,000. Rothschild Investment LLC acquired a new stake in SL Green Realty in the second quarter worth about $55,000. GAMMA Investing LLC grew its stake in shares of SL Green Realty by 6.3% during the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock worth $182,000 after acquiring an additional 196 shares during the last quarter. Finally, Meeder Advisory Services Inc. acquired a new position in shares of SL Green Realty during the first quarter valued at about $201,000. 89.96% of the stock is owned by hedge funds and other 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.