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

SL Green Realty Corporation (NYSE:SLG) has been assigned a consensus rating of “Hold” from the nineteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $53.30.

SLG has been the topic of a number of recent analyst reports. Barclays cut their price objective on shares of SL Green Realty from $54.00 to $43.00 and set an “equal weight” rating on the stock in a report on Thursday. LADENBURG THALM/SH SH dropped their target price on SL Green Realty from $60.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, December 18th. BTIG Research reduced their price target on SL Green Realty from $75.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, February 5th. Piper Sandler lowered their price objective on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, January 5th. Finally, Scotiabank dropped their price objective on SL Green Realty from $66.00 to $61.00 and set a “sector outperform” rating on the stock in a report on Wednesday, January 14th.

Insiders Place Their Bets

In other SL Green Realty news, CEO Marc Holliday sold 22,223 shares of the stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total transaction of $986,701.20. Following the transaction, the chief executive officer directly owned 9,698 shares in the company, valued at $430,591.20. This represents a 69.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew S. Levine sold 1,493 shares of the business’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $45.27, for a total transaction of $67,588.11. Following the completion of the sale, the insider directly owned 7,045 shares of the company’s stock, valued at $318,927.15. The trade was a 17.49% decrease in their position. The SEC filing for this sale provides additional information. 5.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently modified their holdings of the stock. Cohen & Steers Inc. bought a new stake in SL Green Realty in the fourth quarter valued at about $121,675,000. Goldman Sachs Group Inc. lifted its holdings in SL Green Realty by 62.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock worth $133,862,000 after buying an additional 1,117,357 shares during the last quarter. Norges Bank acquired a new position in shares of SL Green Realty in the 4th quarter worth approximately $44,094,000. M&T Bank Corp bought a new stake in shares of SL Green Realty in the 4th quarter valued at approximately $43,201,000. Finally, Victory Capital Management Inc. increased its holdings in shares of SL Green Realty by 535.3% in the 4th quarter. Victory Capital Management Inc. now owns 1,107,618 shares of the real estate investment trust’s stock valued at $50,806,000 after acquiring an additional 933,272 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Stock Up 4.2%

Shares of NYSE:SLG opened at $39.38 on Friday. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 1.05. SL Green Realty has a 52-week low of $36.12 and a 52-week high of $66.91. The company has a 50 day moving average of $44.24 and a two-hundred day moving average of $50.19. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -24.46 and a beta of 1.63.

SL Green Realty (NYSE:SLG) last posted 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. The business had revenue of $159.82 million for the quarter, compared to analysts’ expectations of $162.73 million. SL Green Realty had a negative net margin of 9.66% and a negative return on equity of 2.44%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.81 earnings per share. As a group, analysts forecast 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.