SL Green Realty Corporation (SLG) – What Are Researchers Saying About This Stock?

Shares of SL Green Realty Corporation (NYSE:SLG) have received an average rating of “Hold” from the seventeen ratings firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $54.50.

A number of research analysts recently issued reports on the stock. Citigroup reiterated a “buy” rating and issued a $60.00 price target (up from $45.00) on shares of SL Green Realty in a research note on Friday, July 24th. Morgan Stanley set a $52.00 price target on SL Green Realty and gave the stock an “equal weight” rating in a research note on Wednesday, July 22nd. Piper Sandler restated an “overweight” rating and issued a $62.00 price objective (down from $64.00) on shares of SL Green Realty in a report on Monday, October 26th. JPMorgan Chase & Co. upped their price target on shares of SL Green Realty from $51.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, August 25th. Finally, Truist Financial cut their price target on SL Green Realty from $57.00 to $48.00 and set a “hold” rating for the company in a research note on Tuesday, October 27th.

SL Green Realty Price Performance

SLG opened at $50.37 on Wednesday. The firm’s fifty day moving average price is $51.36 and its two-hundred day moving average price is $46.86. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of -24.45, a P/E/G ratio of 3.70 and a beta of 1.71. SL Green Realty has a 1 year low of $34.77 and a 1 year high of $60.09. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.92 and a quick ratio of 3.10.

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

SL Green Realty Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a dividend of $0.6175 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.9%. SL Green Realty’s payout ratio is currently -119.90%.

Insider Buying and Selling

In related news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction that occurred 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 completion of the transaction, the insider owned 109,468 shares in the company, valued at approximately $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 is accessible through this hyperlink. Company insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in SL Green Realty during the 2nd quarter valued at approximately $706,881,000. Deutsche Bank AG acquired a new stake in shares of SL Green Realty in the second quarter valued at approximately $58,202,000. Bank of New York Mellon Corp bought a new stake in shares of SL Green Realty during the second quarter worth $42,277,000. Bank of America Corp DE raised its stake in SL Green Realty by 226.6% during the first quarter. Bank of America Corp DE now owns 744,053 shares of the real estate investment trust’s stock worth $27,485,000 after buying an additional 516,242 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in SL Green Realty during the 2nd quarter valued at $27,344,000. Institutional investors own 89.96% of the company’s stock.

About SL Green Realty

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.