SL Green Realty Corporation (NYSE:SLG) Given Average Rating of "Hold" by Brokerages

Key Points

• Analysts rate SL Green Realty “Hold” on average: Of 19 brokerages, 10 recommend holding, seven recommend buying and two recommend selling. The average 12-month price target is $56.83.
• Quarterly results exceeded expectations: SL Green reported adjusted earnings of $0.38 per share versus the expected $0.59 loss, while revenue rose 16.5% year over year to $264 million.
• The REIT offers a 4.4% dividend yield: Its quarterly dividend is $0.6175 per share, or $2.47 annualized, though the payout ratio is negative due to the company’s reported losses.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) has received a consensus recommendation of "Hold" from the nineteen brokerages that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $56.8250.

SLG has been the topic of a number of research analyst reports. Citigroup reiterated a "buy" rating and set a $60.00 target price (up from $45.00) on shares of SL Green Realty in a research report on Friday, July 24th. Wall Street Zen raised SL Green Realty from a "strong sell" rating to a "sell" rating in a research report on Saturday. Piper Sandler set a $79.00 price target on SL Green Realty and gave the stock an "overweight" rating in a research note on Friday, July 24th. Wells Fargo & Company set a $56.50 price target on SL Green Realty and gave the stock an "equal weight" rating in a research report on Tuesday, September 1st. Finally, JPMorgan Chase & Co. boosted their price objective on SL Green Realty from $51.00 to $61.00 and gave the company a "neutral" rating in a research note on Tuesday, August 25th.

SL Green Realty Stock Performance

SLG opened at $55.56 on Tuesday. SL Green Realty has a one year low of $34.77 and a one year high of $66.29. The company has a market cap of $3.95 billion, a P/E ratio of -20.35, a PEG ratio of 2.40 and a beta of 1.60. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. The business's 50-day simple moving average is $54.12 and its 200-day simple moving average is $46.53.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The firm had revenue of $264.00 million during the quarter, compared to analysts' expectations of $179.01 million. During the same quarter in the previous year, the business earned $1.63 earnings per share. The firm's revenue was up 16.5% compared to the same quarter last year. As a group, equities research analysts expect that SL Green Realty will post 5.53 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, June 30th. SL Green Realty's payout ratio is presently -90.48%.

Insider Buying and Selling

In related news, insider Harrison Sitomer sold 23,113 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the completion of the sale, the insider owned 109,468 shares in the company, valued at $6,317,398.28. This represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.94% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SL Green Realty

Institutional investors and hedge funds have recently made changes to their positions in the business. Triumph Capital Management purchased a new position in shares of SL Green Realty during the third quarter worth about $45,000. Davis Capital Management purchased a new stake in SL Green Realty during the 1st quarter valued at approximately $46,000. Global Retirement Partners LLC purchased a new stake in SL Green Realty during the 2nd quarter valued at approximately $53,000. Fourth Dimension Wealth LLC lifted its position in SL Green Realty by 45.5% during the 4th quarter. Fourth Dimension Wealth LLC now owns 1,600 shares of the real estate investment trust's stock worth $73,000 after acquiring an additional 500 shares during the period. Finally, Hantz Financial Services Inc. lifted its position in SL Green Realty by 30.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust's stock worth $74,000 after acquiring an additional 378 shares during the period. 89.96% of the stock is owned by hedge funds and other 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.

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