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

Shares of SL Green Realty Corporation (NYSE:SLG) have been assigned an average rating of “Hold” from the nineteen ratings firms that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $57.2750.

SLG has been the subject of several analyst reports. Citigroup reissued a “buy” rating and set a $60.00 target price (up from $45.00) on shares of SL Green Realty in a research note on Friday, July 24th. Scotiabank lifted their price objective on SL Green Realty from $56.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 5th. Evercore downgraded SL Green Realty from an “outperform” rating to an “in-line” rating and set a $56.00 price objective for the company. in a research report on Monday, July 6th. LADENBURG THALM/SH SH upped their target price on shares of SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of SL Green Realty from $51.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, August 25th.

SL Green Realty Price Performance

SLG opened at $52.04 on Tuesday. The stock’s 50-day moving average price is $54.12 and its 200 day moving average price is $47.03. SL Green Realty has a 12-month low of $34.77 and a 12-month high of $66.29. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of -19.06, a PEG ratio of 2.28 and a beta of 1.60.

SL Green Realty (NYSE:SLG) last announced its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.21. The company had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $179.01 million. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.SL Green Realty’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period last year, the business posted $1.63 EPS. As a group, sell-side analysts expect that SL Green Realty will post 5.56 earnings per share for the current year.

SL Green Realty Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.6175 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.7%. SL Green Realty’s dividend payout ratio is currently -90.48%.

Insider Buying and Selling at SL Green Realty

In other news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction on Friday, August 21st. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the completion of the sale, the insider directly owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

A number of institutional investors and hedge funds have recently modified their holdings of SLG. Sequoia Financial Advisors LLC raised its stake in SL Green Realty by 11.3% in the second quarter. Sequoia Financial Advisors LLC now owns 14,694 shares of the real estate investment trust’s stock valued at $761,000 after buying an additional 1,492 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of SL Green Realty in the 2nd quarter valued at about $33,000. NewEdge Advisors LLC raised its position in shares of SL Green Realty by 1,110.4% during the 2nd quarter. NewEdge Advisors LLC now owns 4,648 shares of the real estate investment trust’s stock worth $241,000 after acquiring an additional 4,264 shares in the last quarter. Squarepoint Ops LLC raised its position in shares of SL Green Realty by 66.5% during the 2nd quarter. Squarepoint Ops LLC now owns 182,962 shares of the real estate investment trust’s stock worth $9,472,000 after acquiring an additional 73,042 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in SL Green Realty by 24.3% during the second quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust’s stock worth $132,000 after purchasing an additional 499 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Company Profile

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and operating commercial properties in Manhattan. The company’s portfolio is centered on office buildings, with additional interests in retail, residential and other mixed-use real estate.

SL Green leases space to businesses across a range of industries and provides property management, leasing, development and redevelopment services. Its Manhattan holdings include prominent office properties such as One Vanderbilt, along with retail and hospitality-related assets.