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

Shares of SL Green Realty Corp. (NYSE:SLG) have been given an average rating of “Hold” by the fifteen brokerages that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $69.87.

SLG has been the subject of a number of research analyst reports. Bank of America decreased their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Morgan Stanley increased their price objective on SL Green Realty from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 12th. Barclays decreased their target price on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Wells Fargo & Company dropped their price target on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Finally, Truist Financial lifted their price objective on SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a report on Monday, January 27th.

Insider Activity

In other news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the sale, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.08% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Hedge funds have recently bought and sold shares of the company. Point72 DIFC Ltd purchased a new position in shares of SL Green Realty in the third quarter valued at $35,000. Jones Financial Companies Lllp purchased a new position in SL Green Realty during the 4th quarter valued at about $39,000. Quadrant Capital Group LLC raised its position in SL Green Realty by 37.4% during the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 208 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of SL Green Realty by 17.7% in the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 157 shares in the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of SL Green Realty in the fourth quarter valued at approximately $75,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Trading Up 0.4 %

Shares of SLG stock opened at $57.78 on Tuesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The company has a market cap of $4.12 billion, a price-to-earnings ratio of 722.24, a PEG ratio of 5.30 and a beta of 1.82. SL Green Realty has a 1 year low of $47.22 and a 1 year high of $82.81. The firm has a fifty day moving average price of $62.59 and a 200-day moving average price of $68.83.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. As a group, equities analysts predict that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.2575 dividend. This is a boost from SL Green Realty’s previous quarterly dividend of $0.25. This represents a $1.03 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Monday, March 31st. SL Green Realty’s payout ratio is currently 3,862.50%.

About SL Green Realty

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.