SL Green Realty Corporation (NYSE:SLG) Stock Rated “Hold” by Sell-Side Analysts

SL Green Realty Corporation (NYSE:SLG) has received a consensus recommendation of “Hold” from the nineteen research firms that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, nine have given a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $56.66.

A number of equities analysts have recently issued reports on the stock. LADENBURG THALM/SH SH raised their target price on shares of SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Citigroup reiterated a “buy” rating and set a $60.00 price target (up from $45.00) on shares of SL Green Realty in a research note on Friday, July 24th. Zacks Research raised shares of SL Green Realty from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 22nd. Mizuho set a $53.00 price objective on shares of SL Green Realty in a research report on Tuesday, September 8th. Finally, Truist Financial set a $57.00 price objective on shares of SL Green Realty and gave the company a “hold” rating in a research note on Monday, August 24th.

SL Green Realty Stock Performance

Shares of SLG stock opened at $48.41 on Friday. The stock’s 50-day moving average is $53.66 and its two-hundred day moving average is $48.53. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. SL Green Realty has a 1 year low of $34.77 and a 1 year high of $60.09. The firm has a market cap of $3.44 billion, a price-to-earnings ratio of -17.73, a PEG ratio of 4.08 and a beta of 1.66.

SL Green Realty (NYSE:SLG) last posted its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.21. The business had revenue of $264.00 million during the quarter, compared to the consensus estimate of $179.01 million. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%. The business’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.63 EPS. Analysts predict 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. Investors of record on Wednesday, September 30th will be given a $0.6175 dividend. This represents a $2.47 annualized dividend and a yield of 5.1%. The ex-dividend date is Wednesday, September 30th. SL Green Realty’s payout ratio is -90.48%.

Insider Buying and Selling

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the 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 completion of the sale, the insider directly owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.94% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of SL Green Realty in the second quarter valued at about $706,881,000. Cohen & Steers Inc. purchased a new stake in SL Green Realty in the 4th quarter valued at approximately $121,675,000. Deutsche Bank AG purchased a new position in SL Green Realty in the 2nd quarter valued at about $58,202,000. Goldman Sachs Group Inc. boosted its holdings in shares of SL Green Realty by 62.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock worth $133,862,000 after purchasing an additional 1,117,357 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of SL Green Realty in the 4th quarter valued at $44,094,000. 89.96% of the stock is owned by institutional investors and hedge funds.

About SL Green Realty

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.