SL Green Realty (NYSE:SLG) Cut 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 issued on Saturday.

A number of other analysts have also recently weighed in on SLG. Truist Financial decreased their target price on shares of SL Green Realty from $62.00 to $54.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. Scotiabank dropped their target price on shares of 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. Morgan Stanley upped their price objective on shares of SL Green Realty from $52.00 to $55.00 and gave the company an "equal weight" rating in a report on Wednesday, March 12th. Piper Sandler dropped their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Bank of America reduced their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a "neutral" rating for the company in a research report on Monday, January 27th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $66.33.

SL Green Realty Price Performance

NYSE:SLG traded up $0.94 during mid-day trading on Friday, reaching $57.86. The stock had a trading volume of 344,328 shares, compared to its average volume of 838,457. The stock has a 50-day simple moving average of $54.69 and a two-hundred day simple moving average of $63.28. The stock has a market capitalization of $4.13 billion, a PE ratio of 722.66, 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 has a 12 month low of $45.15 and a 12 month high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.27 by $0.13. The business had revenue of $144.52 million for the quarter, compared to analysts' expectations 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, equities analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed 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. This represents a $1.03 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Friday, May 30th. SL Green Realty's dividend payout ratio (DPR) is presently -735.71%.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC increased its holdings in SL Green Realty by 304.8% during the third quarter. Barclays PLC now owns 110,866 shares of the real estate investment trust's stock valued at $7,718,000 after buying an additional 83,478 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in SL Green Realty by 23.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 65,933 shares of the real estate investment trust's stock valued at $4,478,000 after acquiring an additional 12,424 shares in the last quarter. Cyndeo Wealth Partners LLC grew its stake in SL Green Realty by 1.8% during the fourth quarter. Cyndeo Wealth Partners LLC now owns 102,317 shares of the real estate investment trust's stock valued at $6,949,000 after acquiring an additional 1,764 shares in the last quarter. Blue Trust Inc. grew its stake in SL Green Realty by 106.3% during the fourth quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust's stock valued at $116,000 after acquiring an additional 857 shares in the last quarter. Finally, KBC Group NV grew its stake in SL Green Realty by 49.5% during the fourth quarter. KBC Group NV now owns 2,763 shares of the real estate investment trust's stock valued at $188,000 after acquiring an additional 915 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

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.