SL Green Realty Corporation (NYSE:SLG) Receives Average Recommendation of "Hold" from Brokerages

SL Green Realty Corporation (NYSE:SLG - Get Free Report) has been given a consensus recommendation of "Hold" by the sixteen research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $66.33.

Several analysts have weighed in on the company. Wells Fargo & Company lowered their price objective on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a research report on Monday, May 19th. Piper Sandler lowered their price objective on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Evercore ISI upgraded SL Green Realty from an "in-line" rating to an "outperform" rating and lowered their price objective for the company from $74.00 to $73.00 in a research report on Monday, March 17th. Wall Street Zen downgraded SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Finally, Barclays lowered their price objective on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLG. Empowered Funds LLC purchased a new stake in SL Green Realty in the fourth quarter worth $452,000. Louisiana State Employees Retirement System grew its stake in SL Green Realty by 9.3% in the fourth quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the real estate investment trust's stock worth $2,323,000 after purchasing an additional 2,900 shares during the period. Van ECK Associates Corp grew its stake in shares of SL Green Realty by 7.7% in the fourth quarter. Van ECK Associates Corp now owns 33,150 shares of the real estate investment trust's stock worth $2,251,000 after acquiring an additional 2,362 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in shares of SL Green Realty by 10.4% in 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 acquiring an additional 9,753 shares during the last quarter. Finally, New York State Teachers Retirement System grew its stake in shares of SL Green Realty by 0.5% in the fourth quarter. New York State Teachers Retirement System now owns 85,692 shares of the real estate investment trust's stock worth $5,820,000 after acquiring an additional 400 shares during the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Price Performance

NYSE:SLG traded up $0.17 during mid-day trading on Friday, reaching $64.69. The stock had a trading volume of 844,415 shares, compared to its average volume of 847,468. The firm has a 50 day moving average price of $57.09 and a two-hundred day moving average price of $61.66. The stock has a market capitalization of $4.61 billion, a P/E ratio of -154.02 and a beta of 1.66. SL Green Realty has a one year low of $45.15 and a one year high of $82.81. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.85 and a current ratio of 2.85.

SL Green Realty (NYSE:SLG - Get Free Report) last released its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.13. SL Green Realty had a negative return on equity of 0.98% and a negative net margin of 1.30%. The company had revenue of $144.52 million during the quarter, compared to the consensus estimate of $158.44 million. As a group, analysts expect that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.2575 dividend. This represents a $1.03 annualized dividend and a yield of 1.59%. SL Green Realty's payout ratio is -735.71%.

SL Green Realty Company Profile

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.