SL Green Realty Corp. (NYSE:SLG) Given Consensus Recommendation of “Hold” by Analysts

SL Green Realty Corp. (NYSE:SLG) has received an average rating of “Hold” from the fifteen ratings firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $69.87.

SLG has been the topic of a number of research analyst reports. Compass Point lifted their target price on SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Jefferies Financial Group began coverage on SL Green Realty in a research note on Monday, March 17th. They issued a “hold” rating and a $58.00 price objective for the company. Truist Financial increased 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. Mizuho lifted their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Finally, Evercore ISI upgraded shares of SL Green Realty from an “in-line” rating to an “outperform” rating and decreased their price target for the stock from $74.00 to $73.00 in a research note on Monday, March 17th.

Insider Buying and Selling

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction 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 sale, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.08% of the stock is currently owned by corporate insiders.

Institutional Trading of SL Green Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its position in shares of SL Green Realty by 12.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust’s stock valued at $96,990,000 after acquiring an additional 159,870 shares during the period. Wolverine Asset Management LLC purchased a new position in SL Green Realty in the 4th quarter valued at approximately $337,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in SL Green Realty by 8.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 76,367 shares of the real estate investment trust’s stock worth $5,187,000 after purchasing an additional 6,158 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in SL Green Realty by 10.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 103,711 shares of the real estate investment trust’s stock worth $6,870,000 after purchasing an additional 9,753 shares in the last quarter. Finally, FMR LLC grew its holdings in SL Green Realty by 69.1% in the third quarter. FMR LLC now owns 58,185 shares of the real estate investment trust’s stock valued at $4,050,000 after purchasing an additional 23,780 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Stock Performance

Shares of SLG opened at $50.59 on Tuesday. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of 632.38, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82. SL Green Realty has a 52-week low of $47.22 and a 52-week high of $82.81. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. The stock has a 50 day moving average price of $61.66 and a 200 day moving average price of $68.42.

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

SL Green Realty Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued 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 dividend yield of 2.04%. The ex-dividend date is Monday, March 31st. SL Green Realty’s dividend payout ratio (DPR) 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.