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

Shares of SL Green Realty Corp. (NYSE:SLG) have been assigned an average recommendation of “Hold” from the eleven brokerages that are covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $72.11.

Several brokerages have commented on SLG. Barclays began coverage on shares of SL Green Realty in a research report on Wednesday, September 1st. They issued an “overweight” rating and a $81.00 price objective on the stock. Morgan Stanley lifted their price objective on shares of SL Green Realty from $68.00 to $73.00 and gave the stock an “equal weight” rating in a research report on Monday, July 19th. Piper Sandler lifted their price objective on shares of SL Green Realty from $75.00 to $88.00 and gave the stock a “neutral” rating in a research report on Monday, June 14th. Wolfe Research started coverage on shares of SL Green Realty in a research report on Monday, June 14th. They issued a “peer perform” rating and a $90.00 price target on the stock. Finally, Bank of America raised shares of SL Green Realty from an “underperform” rating to a “neutral” rating in a research report on Friday.

In other SL Green Realty news, Director Betsy S. Atkins sold 3,229 shares of the business’s stock in a transaction that occurred on Monday, September 20th. The shares were sold at an average price of $66.85, for a total value of $215,858.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 3.99% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in SLG. Marshall Wace North America L.P. bought a new stake in SL Green Realty during the 1st quarter valued at $72,000. Victory Capital Management Inc. bought a new stake in SL Green Realty during the 1st quarter valued at $791,000. Envestnet Asset Management Inc. bought a new stake in SL Green Realty during the 1st quarter valued at $3,881,000. M&T Bank Corp bought a new stake in SL Green Realty during the 1st quarter valued at $315,000. Finally, Alliancebernstein L.P. raised its holdings in SL Green Realty by 1.1% during the 1st quarter. Alliancebernstein L.P. now owns 189,881 shares of the real estate investment trust’s stock valued at $13,290,000 after buying an additional 2,145 shares during the last quarter. 87.11% of the stock is owned by institutional investors.

SL Green Realty stock traded up $2.62 during midday trading on Monday, hitting $75.87. 12,132 shares of the stock were exchanged, compared to its average volume of 1,080,238. SL Green Realty has a 52-week low of $40.47 and a 52-week high of $85.65. The stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of 18.94, a price-to-earnings-growth ratio of 3.44 and a beta of 1.63. The business’s 50-day moving average price is $71.76 and its 200-day moving average price is $74.41. The company has a quick ratio of 2.79, a current ratio of 2.79 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Tuesday, July 20th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.11). The firm had revenue of $184.61 million for the quarter, compared to analysts’ expectations of $182.52 million. SL Green Realty had a return on equity of 5.84% and a net margin of 32.04%. The firm’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.76 earnings per share. On average, sell-side analysts predict that SL Green Realty will post 6.59 earnings per share for the current fiscal year.

The business also recently declared a monthly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 30th will be paid a $0.303 dividend. The ex-dividend date is Wednesday, September 29th. This represents a $3.64 dividend on an annualized basis and a yield of 4.79%. SL Green Realty’s dividend payout ratio is presently 51.20%.

About SL Green Realty

SL Green Realty Corp. operates as a real estate investment trust. The firm engages in the acquisition, development, ownership, management and operation of commercial and residential real estate properties. It operates through the Real Estate, and Debt & Preferred Equity Investments business segments.

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Analyst Recommendations for SL Green Realty (NYSE:SLG)

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