SL Green Realty Corp. (NYSE:SLG) Given Consensus Rating of “Hold” by Analysts

SL Green Realty Corp. (NYSE:SLG) has been assigned an average rating of “Hold” from the fifteen ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $70.67.

Several research analysts have recently weighed in on the company. Wells Fargo & Company reduced their target price on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Barclays reduced their target price on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 28th. Mizuho increased their price objective on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Compass Point increased their price objective on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th.

Insiders Place Their Bets

In other news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the transaction, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This represents a 62.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.08% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds have recently modified their holdings of SLG. Venturi Wealth Management LLC grew its holdings in shares of SL Green Realty by 272.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 272 shares during the period. Point72 DIFC Ltd purchased a new position in shares of SL Green Realty during the 3rd quarter worth $35,000. Jones Financial Companies Lllp purchased a new position in shares of SL Green Realty during the 4th quarter worth $39,000. Quadrant Capital Group LLC boosted its holdings in SL Green Realty by 37.4% during the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 208 shares during the period. Finally, Versant Capital Management Inc boosted its holdings in SL Green Realty by 17.7% during the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 157 shares during the period. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Trading Down 3.4 %

Shares of SLG stock opened at $57.59 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The company has a market cap of $4.11 billion, a price-to-earnings ratio of 719.91, a PEG ratio of 5.30 and a beta of 1.82. The stock has a 50 day simple moving average of $64.68 and a 200-day simple moving average of $69.57. SL Green Realty has a 1-year low of $47.22 and a 1-year high of $82.81.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. On average, equities research analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a $0.2575 dividend. This represents a $3.09 dividend on an annualized basis and a dividend yield of 5.37%. The ex-dividend date of this dividend is Friday, February 28th. SL Green Realty’s dividend payout ratio (DPR) is presently 3,862.50%.

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.