Analysts Set SL Green Realty Corporation (NYSE:SLG) PT at $67.29

Key Points

• SL Green Realty Corporation has received a consensus recommendation of "Hold" from 15 analysts, with 11 ratings being hold and 4 indicating a buy.
• The stock is currently valued at around $55.76, down 2.6% despite having reported earnings of $1.63 EPS, surpassing analysts’ expectations.
• Recent insider transactions include Director Carol N. Brown selling 2,500 shares, representing a 72.74% reduction in ownership, raising concerns about insider confidence.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) has earned a consensus rating of "Hold" from the fifteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Eleven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $67.2857.

SLG has been the subject of several research reports. Truist Financial increased their price objective on shares of SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company dropped their price target on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a research note on Monday, May 19th. Barclays reduced their price objective on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 30th. Scotiabank raised SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 target price for the company in a report on Friday, July 25th. Finally, Piper Sandler cut their price target on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st.

SL Green Realty Price Performance

Shares of SLG stock traded up $0.27 during trading hours on Monday, reaching $56.03. The company's stock had a trading volume of 780,652 shares, compared to its average volume of 1,130,217. SL Green Realty has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The firm's 50 day simple moving average is $61.38 and its 200-day simple moving average is $59.74. The company has a quick ratio of 2.85, a current ratio of 2.72 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of -103.76 and a beta of 1.69.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.26. The business had revenue of $147.54 million for the quarter, compared to analyst estimates of $171.24 million. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. SL Green Realty's revenue was up 8.6% compared to the same quarter last year. During the same period last year, the firm posted $2.05 earnings per share. Sell-side analysts forecast that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The company also recently declared a jul 25 dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be paid a dividend of $0.2575 per share. This represents a yield of 510.0%. The ex-dividend date of this dividend is Thursday, July 31st. SL Green Realty's dividend payout ratio is -572.22%.

Insiders Place Their Bets

In related news, Director Carol N. Brown sold 2,500 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the transaction, the director directly owned 937 shares in the company, valued at $56,791.57. This trade represents a 72.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.04% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in SL Green Realty by 2.6% in the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock worth $641,238,000 after buying an additional 283,009 shares during the last quarter. Geode Capital Management LLC increased its position in shares of SL Green Realty by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust's stock valued at $119,001,000 after purchasing an additional 110,594 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of SL Green Realty by 8.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust's stock worth $97,851,000 after acquiring an additional 130,206 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of SL Green Realty by 3.0% during the fourth quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust's stock valued at $111,179,000 after buying an additional 46,988 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in SL Green Realty by 8.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,554,977 shares of the real estate investment trust's stock valued at $89,722,000 after purchasing an additional 126,969 shares during the last quarter. Institutional investors own 89.96% of the company's stock.

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.