SL Green Realty Corporation (NYSE:SLG) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• SL Green Realty has a consensus “Hold” rating from 19 brokerages, with an average 12-month price target of $57.42. Ratings include nine holds, seven buys, two sells and one strong buy.
• The company reported quarterly revenue of $264 million, exceeding analysts’ $179.01 million estimate, while adjusted EPS of negative $0.38 beat expectations of negative $0.59.
• SL Green declared a quarterly dividend of $0.6175 per share, equivalent to an annualized $2.47 dividend and a 5.1% yield; institutional investors own nearly 90% of its shares.

Shares of SL Green Realty Corporation (NYSE:SLG - Get Free Report) have been assigned a consensus rating of "Hold" from the nineteen brokerages that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $57.42.

A number of research firms recently weighed in on SLG. Mizuho set a $53.00 target price on SL Green Realty in a research report on Tuesday, September 8th. JPMorgan Chase & Co. boosted their price target on shares of SL Green Realty from $51.00 to $61.00 and gave the company a "neutral" rating in a report on Tuesday, August 25th. Barclays increased their price objective on shares of SL Green Realty from $52.00 to $54.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 8th. Wall Street Zen raised shares of SL Green Realty from a "strong sell" rating to a "sell" rating in a report on Saturday, September 5th. Finally, Piper Sandler set a $79.00 target price on shares of SL Green Realty and gave the company an "overweight" rating in a research report on Friday, July 24th.

Insiders Place Their Bets

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the sale, the insider directly owned 109,468 shares of the company's stock, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.94% of the company's stock.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in SL Green Realty during the second quarter worth $706,881,000. Goldman Sachs Group Inc. boosted its stake in shares of SL Green Realty by 62.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust's stock valued at $133,862,000 after purchasing an additional 1,117,357 shares in the last quarter. Cohen & Steers Inc. bought a new stake in shares of SL Green Realty in the 4th quarter worth about $121,675,000. Deutsche Bank AG bought a new stake in shares of SL Green Realty in the 2nd quarter worth about $58,202,000. Finally, Norges Bank acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $44,094,000. Institutional investors own 89.96% of the company's stock.

SL Green Realty Trading Up 0.1%

Shares of SL Green Realty stock opened at $48.83 on Friday. SL Green Realty has a 1 year low of $34.77 and a 1 year high of $60.82. The company's fifty day simple moving average is $54.15 and its 200-day simple moving average is $48.17. The company has a market cap of $3.47 billion, a price-to-earnings ratio of -17.89, a PEG ratio of 4.06 and a beta of 1.66. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05.

SL Green Realty (NYSE:SLG - Get Free Report) last released its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.21. The firm had revenue of $264.00 million during the quarter, compared to analysts' expectations of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The business's quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.63 EPS. As a group, sell-side analysts expect that SL Green Realty will post 5.56 EPS for the current year.

SL Green Realty Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.6175 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.47 dividend on an annualized basis and a yield of 5.1%. SL Green Realty's dividend payout ratio (DPR) is currently -90.48%.

About SL Green Realty

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on owning, managing, acquiring, developing and redeveloping office and retail properties in Manhattan. The company's portfolio is concentrated in New York City, particularly in major commercial districts, and it serves office tenants, retailers and visitors through its managed properties and related amenities.

SL Green's activities include leasing commercial space, overseeing property operations and pursuing development and redevelopment projects.

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