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

Shares of SL Green Realty Corp. (NYSE:SLG) have received a consensus rating of “Reduce” from the fourteen brokerages that are currently covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $54.43.

Several research analysts have recently weighed in on SLG shares. Barclays upped their price target on shares of SL Green Realty from $49.00 to $58.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Scotiabank upped their target price on SL Green Realty from $53.00 to $68.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price target on SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, August 6th. StockNews.com upgraded shares of SL Green Realty to a “sell” rating in a research report on Friday, July 19th. Finally, The Goldman Sachs Group lifted their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st.

SL Green Realty Trading Up 1.9 %

Shares of SLG opened at $68.33 on Friday. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $69.16. The stock has a market cap of $4.50 billion, a PE ratio of -8.27, a P/E/G ratio of 1.97 and a beta of 1.83. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. The business’s 50-day moving average price is $63.21 and its 200-day moving average price is $56.12.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company had revenue of $222.82 million during the quarter, compared to analysts’ expectations of $133.83 million. During the same quarter in the previous year, the company earned $1.43 earnings per share. SL Green Realty’s revenue for the quarter was down 9.4% on a year-over-year basis. On average, equities analysts forecast that SL Green Realty will post 7.58 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.39%. The ex-dividend date is Friday, August 30th. SL Green Realty’s dividend payout ratio is currently -36.32%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SLG. Cetera Investment Advisers grew its holdings in shares of SL Green Realty by 204.4% in the second quarter. Cetera Investment Advisers now owns 16,959 shares of the real estate investment trust’s stock worth $961,000 after purchasing an additional 11,387 shares during the last quarter. Waterfall Asset Management LLC purchased a new stake in SL Green Realty during the 2nd quarter valued at $3,172,000. Lighthouse Investment Partners LLC grew its holdings in SL Green Realty by 150.0% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock worth $8,496,000 after acquiring an additional 90,000 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of SL Green Realty by 11.6% in the second quarter. Mackenzie Financial Corp now owns 5,088 shares of the real estate investment trust’s stock valued at $288,000 after acquiring an additional 530 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of SL Green Realty by 3.7% during the second quarter. The Manufacturers Life Insurance Company now owns 40,780 shares of the real estate investment trust’s stock valued at $2,310,000 after acquiring an additional 1,459 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.