SL Green Realty Corp. (NYSE:SLG) Receives Consensus Recommendation of “Hold” from Analysts

SL Green Realty Corp. (NYSE:SLG) has been assigned an average recommendation of “Hold” from the fifteen ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $68.67.

A number of brokerages recently issued reports on SLG. Morgan Stanley lifted their price objective on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 9th. Piper Sandler reissued an “overweight” rating and set a $90.00 price objective (up previously from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and raised their target price for the company from $44.00 to $66.00 in a research note on Friday, September 13th. BMO Capital Markets reissued an “outperform” rating and issued a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Finally, JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in SL Green Realty by 50.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock valued at $202,777,000 after buying an additional 977,321 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of SL Green Realty by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock worth $88,275,000 after purchasing an additional 97,653 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of SL Green Realty by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after purchasing an additional 88,309 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in SL Green Realty by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock valued at $45,906,000 after purchasing an additional 14,167 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in SL Green Realty by 396.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust’s stock valued at $31,058,000 after purchasing an additional 356,275 shares during the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Stock Down 2.7 %

SLG stock opened at $66.24 on Friday. The stock has a 50-day simple moving average of $75.35 and a two-hundred day simple moving average of $67.89. SL Green Realty has a twelve month low of $41.81 and a twelve month high of $82.81. The firm has a market capitalization of $4.37 billion, a PE ratio of -26.50, a PEG ratio of 4.26 and a beta of 1.81. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The firm had revenue of $229.69 million for the quarter, compared to analysts’ expectations of $136.66 million. During the same period in the prior year, the firm posted $1.27 EPS. On average, equities analysts predict that SL Green Realty will post 7.82 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.2575 per share. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.66%. The ex-dividend date is Tuesday, December 31st. This is a positive change from SL Green Realty’s previous monthly dividend of $0.25. SL Green Realty’s dividend payout ratio is -123.60%.

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.