SL Green Realty Corporation (NYSE:SLG) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• SL Green Realty Corporation has received a consensus recommendation of "Hold" from analysts, with an average target price of $67.79 among the fifteen research firms covering the stock.
• In its latest quarterly earnings report, SL Green posted $1.63 earnings per share, exceeding expectations, but reported a negative net margin of 2.21%.
• The company recently announced a dividend of $0.2575 per share, with a payout ratio of -572.22%, set to be paid on October 15th.

Shares of SL Green Realty Corporation (NYSE:SLG - Get Free Report) have received an average rating of "Hold" from the fifteen research firms that are presently covering the firm, MarketBeat reports. Ten equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $67.7857.

SLG has been the subject of several recent research reports. JPMorgan Chase & Co. decreased 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 report on Wednesday, July 9th. Truist Financial boosted their target price on shares of SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a research report on Friday, July 18th. Citigroup raised shares of SL Green Realty from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $65.00 to $70.00 in a research report on Friday, September 12th. Scotiabank raised shares of 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 report on Friday, July 25th. Finally, Evercore ISI boosted their target price on shares of SL Green Realty from $73.00 to $76.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $61.60 on Tuesday. The firm's 50-day moving average price is $58.44 and its 200-day moving average price is $58.01. SL Green Realty has a 1-year low of $45.15 and a 1-year high of $82.81. The firm has a market capitalization of $4.39 billion, a P/E ratio of -114.07 and a beta of 1.74. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG - Get Free Report) last announced 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. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The firm had revenue of $147.54 million for the quarter, compared to analyst estimates of $171.24 million. During the same quarter in the prior year, the business earned $2.05 earnings per share. The business's quarterly revenue was up 8.6% compared to the same quarter last year. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. Equities research analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently announced a sep 25 dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.2575 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a dividend yield of 502.0%. SL Green Realty's payout ratio is presently -572.22%.

Insider Activity at SL Green Realty

In other news, Director Carol N. Brown sold 937 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $63.09, for a total transaction of $59,115.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently made changes to their positions in SLG. Vanguard Group Inc. increased its stake in SL Green Realty by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock valued at $641,238,000 after buying an additional 283,009 shares during the last quarter. State Street Corp increased its stake in SL Green Realty by 1.0% in the 2nd quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust's stock valued at $264,636,000 after buying an additional 41,873 shares during the last quarter. Geode Capital Management LLC increased its stake in SL Green Realty by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 1,833,682 shares of the real estate investment trust's stock valued at $113,518,000 after buying an additional 6,690 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in 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 valued at $97,851,000 after buying an additional 130,206 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in SL Green Realty by 104.1% in the 2nd quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust's stock valued at $100,439,000 after buying an additional 827,407 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

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.

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