SL Green Realty Corporation (NYSE:SLG) Receives $57.00 Consensus Target Price from Analysts

SL Green Realty Corporation (NYSE:SLG) has been assigned an average rating of “Hold” from the seventeen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $56.8333.

A number of equities analysts have issued reports on the company. Piper Sandler decreased their price objective on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating for the company in a report on Monday. Wells Fargo & Company decreased their price target on shares of SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating for the company in a research note on Monday, October 27th. Truist Financial set a $47.00 price target on shares of SL Green Realty and gave the company a “hold” rating in a research report on Monday, December 8th. JPMorgan Chase & Co. boosted their price objective on shares of SL Green Realty from $69.00 to $71.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Finally, Barclays set a $59.00 target price on shares of SL Green Realty in a research note on Monday, November 3rd.

SL Green Realty Stock Performance

Shares of SLG opened at $47.89 on Thursday. The company has a 50-day simple moving average of $46.56 and a two-hundred day simple moving average of $54.31. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.22 and a quick ratio of 3.22. The firm has a market capitalization of $3.42 billion, a PE ratio of 4,793.39 and a beta of 1.60. SL Green Realty has a one year low of $40.26 and a one year high of $68.14.

SL Green Realty (NYSE:SLG) last announced its earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.24. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The firm had revenue of $244.82 million during the quarter, compared to analyst estimates of $170.27 million. During the same quarter in the prior year, the company earned $1.26 EPS. The business’s revenue was up 7.2% compared to the same quarter last year. On average, analysts anticipate that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were paid a dividend of $0.2575 per share. The ex-dividend date was Friday, November 28th. This represents a c) dividend on an annualized basis and a yield of 6.5%. SL Green Realty’s payout ratio is presently 30,900.00%.

Insiders Place Their Bets

In other SL Green Realty news, insider Andrew S. Levine sold 1,493 shares of SL Green Realty stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.27, for a total value of $67,588.11. Following the completion of the sale, the insider owned 7,045 shares of the company’s stock, valued at approximately $318,927.15. The trade was a 17.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Marc Holliday sold 22,223 shares of SL Green Realty stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total value of $986,701.20. Following the completion of the sale, the chief executive officer directly owned 9,698 shares of the company’s stock, valued at $430,591.20. The trade was a 69.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently bought and sold shares of the stock. Intech Investment Management LLC raised its stake in SL Green Realty by 36.9% in the first quarter. Intech Investment Management LLC now owns 48,390 shares of the real estate investment trust’s stock worth $2,792,000 after buying an additional 13,048 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of SL Green Realty by 8.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust’s stock worth $97,851,000 after purchasing an additional 130,206 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in SL Green Realty during the second quarter valued at about $225,000. American Century Companies Inc. bought a new stake in SL Green Realty during the second quarter valued at about $12,841,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in SL Green Realty by 10.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 524,251 shares of the real estate investment trust’s stock valued at $30,249,000 after purchasing an additional 50,450 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

About SL Green Realty

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.