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

Shares of SL Green Realty Corporation (NYSE:SLG) have received a consensus rating of “Hold” from the nineteen analysts that are covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $53.85.

Several research analysts have issued reports on the company. JPMorgan Chase & Co. dropped their price target on SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, January 14th. Piper Sandler decreased their target price on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, January 5th. Scotiabank reduced their target price on SL Green Realty from $66.00 to $61.00 and set a “sector outperform” rating for the company in a report on Wednesday, January 14th. Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a research note on Wednesday, January 21st. Finally, Morgan Stanley set a $43.00 price objective on SL Green Realty in a report on Thursday, January 29th.

Insider Buying and Selling

In related news, CEO Marc Holliday sold 22,223 shares of the company’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total value of $986,701.20. Following the completion of the sale, the chief executive officer owned 9,698 shares in the company, valued at approximately $430,591.20. This represents a 69.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew S. Levine sold 1,493 shares of SL Green Realty stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $45.27, for a total transaction of $67,588.11. Following the transaction, the insider owned 7,045 shares in the company, valued at approximately $318,927.15. The trade was a 17.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.04% of the stock is owned by insiders.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently bought and sold shares of the business. State Street Corp grew its stake in SL Green Realty by 1.0% during the 2nd quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust’s stock valued at $264,636,000 after acquiring an additional 41,873 shares in the last quarter. Alyeska Investment Group L.P. grew its position in SL Green Realty by 25.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 3,041,226 shares of the real estate investment trust’s stock valued at $139,501,000 after purchasing an additional 617,488 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in SL Green Realty by 62.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock valued at $133,862,000 after buying an additional 1,117,357 shares during the period. Cohen & Steers Inc. acquired a new position in SL Green Realty in the 4th quarter valued at approximately $121,675,000. Finally, Geode Capital Management LLC lifted its position in SL Green Realty by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 1,833,682 shares of the real estate investment trust’s stock worth $113,518,000 after buying an additional 6,690 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $36.58 on Friday. SL Green Realty has a twelve month low of $36.12 and a twelve month high of $66.91. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 1.05. The firm has a 50-day moving average of $44.48 and a two-hundred day moving average of $50.35. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of -22.72 and a beta of 1.63.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03. SL Green Realty had a negative net margin of 9.66% and a negative return on equity of 2.44%. The business had revenue of $159.82 million for the quarter, compared to the consensus estimate of $162.73 million. During the same period in the previous year, the firm earned $1.81 EPS. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, analysts expect that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.