SL Green Realty Corp. (NYSE:SLG) Receives $71.07 Average Price Target from Analysts

Shares of SL Green Realty Corp. (NYSE:SLG) have been given a consensus rating of “Hold” by the fifteen analysts that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, twelve have given a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $71.07.

SLG has been the subject of a number of research reports. BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Piper Sandler reissued an “overweight” rating and set a $90.00 target price (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Wells Fargo & Company lowered their price target on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Barclays dropped their price objective on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. Finally, Bank of America cut their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th.

Insider Buying and Selling

In other news, Director Craig M. Hatkoff sold 3,455 shares of the company’s 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 sale, the director now directly owns 2,052 shares in the company, valued at $136,047.60. This represents a 62.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SLG. Vanguard Group Inc. grew its stake in SL Green Realty by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock worth $735,594,000 after purchasing an additional 564,822 shares in the last quarter. Wellington Management Group LLP boosted its stake in SL Green Realty by 50.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock worth $202,777,000 after purchasing an additional 977,321 shares during the period. Geode Capital Management LLC grew its position in SL Green Realty by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust’s stock valued at $119,001,000 after purchasing an additional 110,594 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of SL Green Realty by 12.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust’s stock worth $96,990,000 after purchasing an additional 159,870 shares during the last quarter. Finally, Prudential Financial Inc. grew its holdings in SL Green Realty by 14.4% during the fourth quarter. Prudential Financial Inc. now owns 807,806 shares of the real estate investment trust’s stock valued at $54,866,000 after purchasing an additional 101,691 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Stock Down 1.0 %

NYSE:SLG opened at $63.80 on Monday. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 797.50, a price-to-earnings-growth ratio of 5.49 and a beta of 1.82. SL Green Realty has a twelve month low of $42.10 and a twelve month high of $82.81. The company has a current ratio of 3.21, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. The stock has a fifty day simple moving average of $67.83 and a 200-day simple moving average of $69.63.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. Analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, February 18th. Investors of record on Friday, January 31st will be given a $0.2575 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.09 annualized dividend and a dividend yield of 4.84%. SL Green Realty’s dividend payout ratio 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.