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

Shares of SL Green Realty Corp. (NYSE:SLG) have received a consensus rating of “Hold” from the thirteen analysts that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $60.43.

Several research analysts have recently issued reports on the stock. Bank of America boosted their price objective on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Compass Point upgraded SL Green Realty from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $35.00 to $60.00 in a research report on Wednesday, September 18th. Piper Sandler boosted their price objective on SL Green Realty from $58.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Scotiabank upped their target price on SL Green Realty from $53.00 to $68.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. Finally, BMO Capital Markets lifted their price target on shares of SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th.

SL Green Realty Trading Up 3.1 %

Shares of NYSE:SLG opened at $70.01 on Tuesday. SL Green Realty has a 52-week low of $28.55 and a 52-week high of $73.80. 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 company has a market cap of $4.56 billion, a P/E ratio of -26.22, a P/E/G ratio of 1.86 and a beta of 1.83. The stock’s 50-day moving average is $66.57 and its 200-day moving average is $59.10.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.09. The company had revenue of $222.82 million for the quarter, compared to the consensus estimate of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.43 EPS. Equities research analysts predict that SL Green Realty will post 7.61 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend is Monday, September 30th. SL Green Realty’s dividend payout ratio is currently -112.36%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Miracle Mile Advisors LLC bought a new stake in SL Green Realty during the 3rd quarter worth about $209,000. GAMMA Investing LLC grew its stake in shares of SL Green Realty by 16.7% during the third quarter. GAMMA Investing LLC now owns 3,989 shares of the real estate investment trust’s stock valued at $278,000 after purchasing an additional 571 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of SL Green Realty by 204.4% in the second quarter. Cetera Investment Advisers now owns 16,959 shares of the real estate investment trust’s stock valued at $961,000 after purchasing an additional 11,387 shares in the last quarter. Waterfall Asset Management LLC bought a new position in SL Green Realty in the 2nd quarter worth approximately $3,172,000. Finally, Lighthouse Investment Partners LLC lifted its holdings in SL Green Realty by 150.0% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock worth $8,496,000 after buying an additional 90,000 shares in the last quarter. 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.