SL Green Realty Corporation (NYSE:SLG) Stock Has Consensus Price Target of $54.50 According to Brokerages

Shares of SL Green Realty Corporation (NYSE:SLG) have earned an average recommendation of “Hold” from the seventeen research firms that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $54.35.

SLG has been the subject of a number of recent research reports. LADENBURG THALM/SH SH upped their target price on SL Green Realty from $42.00 to $46.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Wells Fargo & Company cut their price target on shares of SL Green Realty from $56.50 to $54.00 and set an “equal weight” rating for the company in a research note on Monday. Zacks Research cut SL Green Realty from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 21st. Wall Street Zen upgraded shares of SL Green Realty from a “sell” rating to a “hold” rating in a research report on Saturday, October 24th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of SL Green Realty in a research note on Tuesday, August 25th.

Insiders Place Their Bets

In other news, insider Harrison Sitomer sold 23,113 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $57.71, for a total value 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 SEC, which can be accessed through the SEC website. Insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Hedge funds have recently added to or reduced their stakes in the stock. Pinnacle Wealth Planning Services Inc. increased its holdings in SL Green Realty by 15.9% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,501 shares of the real estate investment trust’s stock worth $171,000 after acquiring an additional 481 shares during the last quarter. Allworth Financial LP grew its position in shares of SL Green Realty by 24.3% during the 2nd quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust’s stock valued at $132,000 after purchasing an additional 499 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in SL Green Realty in the 2nd quarter worth about $33,000. Glenmede Trust Co. NA increased its position in shares of SL Green Realty by 3.8% in the first quarter. Glenmede Trust Co. NA now owns 17,370 shares of the real estate investment trust’s stock worth $642,000 after purchasing an additional 639 shares during the last quarter. Finally, Probity Advisors Inc. increased its holdings in shares of SL Green Realty by 6.1% in the 3rd quarter. Probity Advisors Inc. now owns 11,546 shares of the real estate investment trust’s stock worth $565,000 after buying an additional 665 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Trading Down 2.3%

Shares of NYSE SLG opened at $49.30 on Wednesday. The business has a 50-day moving average price of $51.03 and a two-hundred day moving average price of $46.87. SL Green Realty has a one year low of $34.77 and a one year high of $60.09. The firm has a market capitalization of $3.51 billion, a PE ratio of 10.11, a PEG ratio of 3.71 and a beta of 1.71. The company has a current ratio of 2.92, a quick ratio of 3.10 and a debt-to-equity ratio of 1.11.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $1.26. The firm had revenue of $165.55 million during the quarter, compared to analysts’ expectations of $176.97 million. SL Green Realty had a negative net margin of 12.03% and a negative return on equity of 3.18%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.58 earnings per share. As a group, analysts predict that SL Green Realty will post 6.29 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a $0.6175 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 5.0%. SL Green Realty’s dividend payout ratio is currently -119.90%.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.