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

Key Points

• Analysts collectively rate SL Green Realty “Hold”: Of 19 brokerages, 10 recommend holding, seven recommend buying and two recommend selling. The average 12-month price target is $55.15, below the stock’s reported $57.62 opening price.
• Recent quarterly results exceeded expectations: SL Green reported a loss of $0.38 per share versus the consensus estimate of a $0.59 loss, while revenue reached $264 million, up 16.5% year over year and well above estimates.
• The REIT maintains a high dividend yield: Its quarterly dividend of $0.6175 equates to $2.47 annually and a 4.3% yield, although the reported payout ratio was negative 90.48% amid continued net losses.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) has received an average recommendation of "Hold" from the nineteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $55.15.

Several analysts recently issued reports on SLG shares. Citigroup restated a "buy" rating and issued a $60.00 price target (up from $45.00) on shares of SL Green Realty in a research note on Friday, July 24th. JPMorgan Chase & Co. increased their price objective on SL Green Realty from $49.00 to $51.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 5th. Evercore downgraded SL Green Realty from an "outperform" rating to an "in-line" rating and set a $56.00 target price for the company. in a report on Monday, July 6th. Wells Fargo & Company boosted their target price on shares of SL Green Realty from $40.00 to $44.00 and gave the company an "equal weight" rating in a research report on Monday, June 1st. Finally, Morgan Stanley set a $52.00 price target on shares of SL Green Realty and gave the company an "equal weight" rating in a research note on Wednesday, July 22nd.

SL Green Realty Stock Performance

Shares of SLG stock opened at $57.62 on Friday. SL Green Realty has a 52 week low of $34.77 and a 52 week high of $66.29. The company has a market capitalization of $4.12 billion, a price-to-earnings ratio of -21.11, a PEG ratio of 2.48 and a beta of 1.58. The company has a 50-day simple moving average of $51.94 and a 200 day simple moving average of $44.80. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.59) by $0.21. The company had revenue of $264.00 million during the quarter, compared to analysts' expectations of $179.01 million. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The business's revenue was up 16.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.63 earnings per share. On average, sell-side analysts predict that SL Green Realty will post 5.44 earnings per share for the current year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.6175 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.47 dividend on an annualized basis and a yield of 4.3%. SL Green Realty's payout ratio is currently -90.48%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SLG. Algert Global LLC acquired a new stake in shares of SL Green Realty in the second quarter valued at approximately $673,000. Cibc World Market Inc. acquired a new stake in SL Green Realty during the second quarter worth approximately $298,000. Sanctuary Advisors LLC acquired a new stake in SL Green Realty during the second quarter worth approximately $380,000. PEAK6 LLC bought a new position in SL Green Realty during the 2nd quarter worth $3,639,000. Finally, Clear Harbor Asset Management LLC bought a new position in SL Green Realty during the 2nd quarter worth $2,043,000. Institutional investors and hedge funds own 89.96% of the company's stock.

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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