SL Green Realty (NYSE:SLG) Rating Lowered to Sell at Wall Street Zen

Wall Street Zen cut shares of SL Green Realty (NYSE:SLG - Free Report) from a hold rating to a sell rating in a report published on Saturday morning.

Several other equities analysts have also recently issued reports on SLG. Evercore ISI upgraded SL Green Realty from an "in-line" rating to an "outperform" rating and decreased their price objective for the company from $74.00 to $73.00 in a research note on Monday, March 17th. Bank of America decreased their price target on shares of SL Green Realty from $80.00 to $73.00 and set a "neutral" rating for the company in a research note on Monday, January 27th. Jefferies Financial Group initiated coverage on shares of SL Green Realty in a report on Monday, March 17th. They issued a "hold" rating and a $58.00 price objective on the stock. Truist Financial lowered their target price on shares of SL Green Realty from $62.00 to $54.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. Finally, Scotiabank dropped their target price on SL Green Realty from $81.00 to $75.00 and set a "sector perform" rating on the stock in a report on Friday, February 28th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $66.33.

SL Green Realty Stock Up 2.6%

Shares of SLG stock traded up $1.45 during trading on Friday, reaching $56.93. The company's stock had a trading volume of 610,951 shares, compared to its average volume of 840,105. SL Green Realty has a 1-year low of $45.15 and a 1-year high of $82.81. The stock's 50-day moving average price is $54.72 and its 200 day moving average price is $63.32. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 711.63, a P/E/G ratio of 5.30 and a beta of 1.59. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 EPS for the quarter, topping the consensus estimate of $1.27 by $0.13. The business had revenue of $144.52 million during the quarter, compared to the consensus estimate of $158.44 million. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. On average, research analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be issued a $0.2575 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.03 dividend on an annualized basis and a yield of 1.81%. SL Green Realty's dividend payout ratio (DPR) is presently -735.71%.

Hedge Funds Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Walleye Capital LLC purchased a new position in shares of SL Green Realty in the 4th quarter worth about $857,000. Wolverine Asset Management LLC acquired a new position in SL Green Realty during the 4th quarter valued at approximately $337,000. Charles Schwab Investment Management Inc. increased its holdings in shares of SL Green Realty by 12.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust's stock worth $96,990,000 after acquiring an additional 159,870 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of SL Green Realty by 8.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 76,367 shares of the real estate investment trust's stock valued at $5,187,000 after buying an additional 6,158 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of SL Green Realty in the fourth quarter worth $1,832,000. Institutional investors and hedge funds 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.