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

Key Points

• SL Green Realty Corporation has received a consensus recommendation of "Hold" from 17 brokerages, with one sell rating, ten hold ratings, and six buy ratings.
• The company recently reported $1.58 EPS for the quarter, surpassing analysts' estimates while experiencing a 7.2% revenue increase year-over-year despite falling short of expectations.
• SL Green Realty announced a $0.2575 monthly dividend to be paid on November 17th, representing an annualized dividend yield of 5.9%.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) has received a consensus recommendation of "Hold" from the seventeen brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $67.1875.

A number of equities research analysts recently weighed in on SLG shares. JPMorgan Chase & Co. raised their price target on SL Green Realty from $69.00 to $71.00 and gave the company a "neutral" rating in a report on Thursday, October 9th. LADENBURG THALM/SH SH initiated coverage on SL Green Realty in a research note on Monday, October 13th. They issued a "neutral" rating and a $63.00 target price for the company. 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 research note on Friday, July 25th. Jefferies Financial Group raised SL Green Realty from a "neutral" rating to a "buy" rating and lifted their target price for the company from $57.00 to $63.00 in a research note on Monday. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of SL Green Realty in a research note on Wednesday, October 8th.

Insider Activity at SL Green Realty

In other news, Director Carol N. Brown sold 937 shares of SL Green Realty stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.04% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SLG. Envestnet Portfolio Solutions Inc. boosted its position in shares of SL Green Realty by 13.6% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,889 shares of the real estate investment trust's stock worth $224,000 after purchasing an additional 466 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of SL Green Realty by 6.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,741 shares of the real estate investment trust's stock worth $389,000 after purchasing an additional 384 shares during the last quarter. Fourth Dimension Wealth LLC boosted its position in shares of SL Green Realty by 54.5% in the 1st quarter. Fourth Dimension Wealth LLC now owns 1,700 shares of the real estate investment trust's stock worth $98,000 after purchasing an additional 600 shares during the last quarter. KBC Group NV boosted its position in shares of SL Green Realty by 20.9% in the 1st quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust's stock worth $193,000 after purchasing an additional 577 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new position in shares of SL Green Realty in the 1st quarter worth $601,000. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Trading Down 2.6%

SLG stock opened at $52.45 on Friday. The business has a fifty day moving average price of $58.31 and a 200 day moving average price of $58.03. SL Green Realty has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 5,250.35 and a beta of 1.77. The company has a debt-to-equity ratio of 1.04, a current ratio of 3.22 and a quick ratio of 2.72.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings results on Wednesday, October 15th. The real estate investment trust reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.24. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The firm had revenue of $149.67 million during the quarter, compared to analysts' expectations of $170.27 million. During the same period last year, the firm posted $1.26 EPS. The business's revenue was up 7.2% on a year-over-year basis. Analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be paid a $0.2575 dividend. This represents a c) annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, October 31st. SL Green Realty's dividend payout ratio (DPR) is -572.22%.

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.

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