SL Green Realty Corp. (NYSE:SLG) Receives $54.43 Consensus Target Price from Brokerages

SL Green Realty Corp. (NYSE:SLG) has been assigned an average recommendation of “Reduce” from the thirteen research firms that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $57.29.

SLG has been the subject of a number of analyst reports. StockNews.com raised shares of SL Green Realty to a “sell” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. raised their price target on SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a report on Tuesday, August 6th. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $44.00 to $66.00 in a research note on Friday, September 13th. BMO Capital Markets lifted their target price on SL Green Realty from $58.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Finally, Barclays upped their price target on SL Green Realty from $49.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th.

Institutional Trading of SL Green Realty

Several hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in SL Green Realty in the fourth quarter worth about $18,664,000. Prospect Financial Services LLC purchased a new stake in SL Green Realty during the 4th quarter valued at $12,373,000. Russell Investments Group Ltd. lifted its position in SL Green Realty by 24.7% in the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock worth $44,067,000 after buying an additional 158,268 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in SL Green Realty by 148.0% during the fourth quarter. Allianz Asset Management GmbH now owns 259,027 shares of the real estate investment trust’s stock worth $11,700,000 after buying an additional 154,578 shares during the period. Finally, Hsbc Holdings PLC increased its position in SL Green Realty by 426.2% during the fourth quarter. Hsbc Holdings PLC now owns 183,814 shares of the real estate investment trust’s stock valued at $8,394,000 after acquiring an additional 148,881 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Stock Performance

NYSE:SLG opened at $69.21 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.59 and a current ratio of 2.59. The stock has a 50-day simple moving average of $64.04 and a two-hundred day simple moving average of $56.71. The firm has a market capitalization of $4.56 billion, a PE ratio of -8.38, a P/E/G ratio of 2.15 and a beta of 1.83. SL Green Realty has a 52-week low of $28.55 and a 52-week high of $71.32.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. During the same period in the previous year, the company posted $1.43 EPS. The firm’s revenue was down 9.4% on a year-over-year basis. Analysts forecast that SL Green Realty will post 7.58 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.33%. SL Green Realty’s payout ratio is currently -36.32%.

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.