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

Shares of SL Green Realty Corp. (NYSE:SLG – Get Rating) have earned an average rating of “Hold” from the eighteen research firms that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $46.94.

Several equities research analysts recently issued reports on SLG shares. Scotiabank lowered shares of SL Green Realty from a “sector perform” rating to an “underperform” rating and reduced their target price for the stock from $43.00 to $34.00 in a report on Tuesday, December 6th. Barclays reduced their price objective on shares of SL Green Realty from $88.00 to $47.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 7th. Robert W. Baird upped their target price on shares of SL Green Realty from $38.00 to $43.00 and gave the stock a “neutral” rating in a research report on Monday, January 30th. Morgan Stanley decreased their price target on shares of SL Green Realty from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft cut shares of SL Green Realty from a “buy” rating to a “hold” rating and set a $32.00 target price on the stock. in a research report on Wednesday, January 4th.

SL Green Realty Trading Down 5.7 %

SL Green Realty stock opened at $29.74 on Monday. The firm has a 50 day moving average of $36.92 and a 200 day moving average of $38.84. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -19.96 and a beta of 1.52. SL Green Realty has a 12-month low of $29.60 and a 12-month high of $83.96. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 1.20.

SL Green Realty (NYSE:SLG – Get Rating) last released its earnings results on Wednesday, January 25th. The real estate investment trust reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($2.49). The firm had revenue of $197.29 million during the quarter, compared to analysts’ expectations of $194.74 million. SL Green Realty had a negative return on equity of 1.62% and a negative net margin of 9.44%. The company’s revenue was up 31.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.52 earnings per share. As a group, research analysts predict that SL Green Realty will post 5.48 earnings per share for the current year.

SL Green Realty Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Tuesday, February 28th will be paid a $0.2708 dividend. The ex-dividend date of this dividend is Monday, February 27th. This represents a $3.25 annualized dividend and a yield of 10.93%. SL Green Realty’s dividend payout ratio (DPR) is -218.12%.

Insider Activity

In other news, Director Craig M. Hatkoff sold 9,000 shares of the company’s stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $34.31, for a total value of $308,790.00. Following the sale, the director now owns 2,052 shares in the company, valued at $70,404.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.21% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently made changes to their positions in the company. M Holdings Securities Inc. increased its holdings in shares of SL Green Realty by 2.4% in the third quarter. M Holdings Securities Inc. now owns 11,207 shares of the real estate investment trust’s stock valued at $450,000 after purchasing an additional 258 shares during the last quarter. Arizona State Retirement System lifted its position in shares of SL Green Realty by 1.6% during the fourth quarter. Arizona State Retirement System now owns 17,709 shares of the real estate investment trust’s stock worth $597,000 after purchasing an additional 283 shares in the last quarter. Bramshill Investments LLC raised its holdings in SL Green Realty by 1.9% in the second quarter. Bramshill Investments LLC now owns 15,464 shares of the real estate investment trust’s stock valued at $714,000 after acquiring an additional 291 shares in the last quarter. Yousif Capital Management LLC raised its holdings in SL Green Realty by 0.8% in the first quarter. Yousif Capital Management LLC now owns 37,024 shares of the real estate investment trust’s stock valued at $3,006,000 after acquiring an additional 299 shares in the last quarter. Finally, Phocas Financial Corp. raised its holdings in SL Green Realty by 2.6% in the third quarter. Phocas Financial Corp. now owns 13,250 shares of the real estate investment trust’s stock valued at $532,000 after acquiring an additional 330 shares in the last quarter. Hedge funds and other institutional investors own 82.00% of the company’s stock.

About SL Green Realty

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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.