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

Shares of SL Green Realty Corp. (NYSE:SLG) have received a consensus rating of “Hold” from the fifteen brokerages that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $69.87.

A number of research firms recently commented on SLG. Compass Point lifted their price objective on SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Barclays lowered their price target on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Evercore ISI raised shares of SL Green Realty from an “in-line” rating to an “outperform” rating and reduced their price objective for the company from $74.00 to $73.00 in a research note on Monday, March 17th. Morgan Stanley lifted their target price on shares of SL Green Realty from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 12th. Finally, Scotiabank cut their price target on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a report on Friday, February 28th.

SL Green Realty Stock Down 4.0 %

SLG stock opened at $50.59 on Tuesday. 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’s 50 day simple moving average is $61.66 and its 200-day simple moving average is $68.42. SL Green Realty has a 12 month low of $47.22 and a 12 month high of $82.81. The firm has a market capitalization of $3.61 billion, a PE ratio of 632.38, a P/E/G ratio of 5.30 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, beating analysts’ consensus estimates 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%. Equities analysts expect that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.2575 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.03 dividend on an annualized basis and a dividend yield of 2.04%. This is a boost from SL Green Realty’s previous quarterly dividend of $0.25. SL Green Realty’s payout ratio is presently 3,862.50%.

Insider Buying and Selling

In related news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.30, for a total transaction of $229,066.50. Following the transaction, the director now owns 2,052 shares in the company, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new position in shares of SL Green Realty during the third quarter worth $35,000. Jones Financial Companies Lllp purchased a new stake in SL Green Realty during the 4th quarter worth $39,000. Quadrant Capital Group LLC lifted its holdings in SL Green Realty by 37.4% in the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 208 shares in the last quarter. Versant Capital Management Inc boosted its position in SL Green Realty by 17.7% in 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 buying an additional 157 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new position in SL Green Realty in the 4th quarter valued at about $75,000. 89.96% of the stock is owned by hedge funds and other 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.