SL Green Realty (NYSE:SLG) Lowered to Sell Rating by 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 research note released on Saturday morning.

A number of other equities analysts also recently commented on SLG. Truist Financial reduced their price objective on shares of SL Green Realty from $62.00 to $54.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Piper Sandler reduced their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Morgan Stanley raised their price objective on shares of SL Green Realty from $52.00 to $55.00 and gave the stock an "equal weight" rating in a report on Wednesday, March 12th. Bank of America cut 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 report on Monday, January 27th. Finally, Jefferies Financial Group assumed coverage on shares of SL Green Realty in a report on Monday, March 17th. They set a "hold" rating and a $58.00 price target for the company. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $66.33.

SL Green Realty Price Performance

Shares of NYSE:SLG traded up $0.62 during midday trading on Friday, reaching $58.08. 596,927 shares of the company's stock were exchanged, compared to its average volume of 840,419. The company's 50 day simple moving average is $54.66 and its two-hundred day simple moving average is $63.08. The firm has a market capitalization of $4.14 billion, a PE ratio of 726.05, a price-to-earnings-growth ratio of 5.30 and a beta of 1.59. SL Green Realty has a 12 month low of $45.15 and a 12 month high of $82.81. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.40 EPS for the quarter, topping analysts' consensus estimates of $1.27 by $0.13. The company 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%. Equities research analysts expect that SL Green Realty will post 5.43 earnings per share for the current fiscal 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 paid a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Friday, May 30th. SL Green Realty's dividend payout ratio is presently -735.71%.

Hedge Funds Weigh In On SL Green Realty

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of SL Green Realty by 2.6% in the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock worth $641,238,000 after acquiring an additional 283,009 shares during the last quarter. Geode Capital Management LLC grew its position in shares of SL Green Realty by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust's stock worth $119,001,000 after buying an additional 110,594 shares during the period. Goldman Sachs Group Inc. grew its position in shares of SL Green Realty by 8.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust's stock worth $97,851,000 after buying an additional 130,206 shares during the period. Nuveen Asset Management LLC grew its position in shares of SL Green Realty by 3.0% during the 4th quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust's stock worth $111,179,000 after buying an additional 46,988 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of SL Green Realty by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,554,977 shares of the real estate investment trust's stock worth $89,722,000 after buying an additional 126,969 shares during the period. 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.