SL Green Realty Corporation (NYSE:SLG) Receives $67.29 Consensus PT from Analysts

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 recommendation of "Hold" from the fifteen brokerages that are currently covering the stock, Marketbeat Ratings reports. Eleven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $67.2857.

Several brokerages recently weighed in on SLG. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a report on Friday, May 23rd. Wells Fargo & Company cut their target price on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Monday, May 19th. Scotiabank raised shares of SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 target price on the stock in a research report on Friday, July 25th. JPMorgan Chase & Co. reduced their target price on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. Finally, Piper Sandler dropped their price target on shares of 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.

Insider Activity

In other news, Director Carol N. Brown sold 2,500 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $60.61, for a total transaction of $151,525.00. Following the completion of the sale, the director owned 937 shares in the company, valued at approximately $56,791.57. The trade was a 72.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.04% of the company's stock.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently modified their holdings of SLG. Vanguard Group Inc. increased its stake in SL Green Realty by 2.6% during the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock valued at $641,238,000 after purchasing an additional 283,009 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of SL Green Realty by 6.7% during the fourth 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 acquiring an additional 110,594 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of SL Green Realty by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust's stock valued at $97,851,000 after acquiring an additional 130,206 shares during the period. Nuveen Asset Management LLC boosted its holdings 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 acquiring an additional 46,988 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of SL Green Realty by 8.9% during 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 acquiring an additional 126,969 shares during the period. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Trading Down 1.9%

Shares of SLG stock traded down $1.07 on Monday, hitting $54.36. The stock had a trading volume of 306,907 shares, compared to its average volume of 929,808. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.85. The firm has a market capitalization of $3.88 billion, a P/E ratio of -100.76 and a beta of 1.69. SL Green Realty has a 1 year low of $45.15 and a 1 year high of $82.81. The company's 50 day moving average price is $61.36 and its 200-day moving average price is $59.65.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, topping analysts' consensus estimates of $1.37 by $0.26. The company had revenue of $147.54 million during the quarter, compared to analysts' expectations of $171.24 million. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. The firm's revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the firm earned $2.05 EPS. Analysts anticipate 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 jul 25 dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be paid a $0.2575 dividend. The ex-dividend date is Thursday, July 31st. This represents a yield of 510.0%. SL Green Realty's payout ratio is currently -572.22%.

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.