SL Green Realty Corp. (NYSE:SLG) Receives Consensus Rating of “Reduce” from Brokerages

Shares of SL Green Realty Corp. (NYSE:SLG) have received an average recommendation of “Reduce” from the twelve research firms that are currently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $45.83.

SLG has been the subject of several analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $58.00 price objective on shares of SL Green Realty in a research note on Tuesday, March 26th. The Goldman Sachs Group lifted their price target on SL Green Realty from $30.00 to $36.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. Morgan Stanley upped their price objective on SL Green Realty from $41.00 to $47.00 and gave the company an “equal weight” rating in a research note on Thursday, March 28th. Scotiabank increased their price target on shares of SL Green Realty from $40.00 to $43.00 and gave the company a “sector underperform” rating in a research report on Tuesday, April 2nd. Finally, Truist Financial lowered shares of SL Green Realty from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $44.00 to $47.00 in a research report on Tuesday, January 16th.

SL Green Realty Stock Performance

Shares of SLG stock opened at $49.66 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.23 and a quick ratio of 2.23. The firm has a 50-day moving average of $49.51 and a 200-day moving average of $42.92. SL Green Realty has a one year low of $20.51 and a one year high of $55.75. The company has a market cap of $3.22 billion, a P/E ratio of -5.46, a P/E/G ratio of 1.72 and a beta of 1.71.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, March 27th. This represents a $3.00 annualized dividend and a yield of 6.04%. SL Green Realty’s payout ratio is presently -33.00%.

Insider Activity

In related news, Director Betsy S. Atkins sold 9,894 shares of the company’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the transaction, the director now directly owns 6,886 shares in the company, valued at $325,363.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the sale, the director now directly owns 6,886 shares of the company’s stock, valued at $325,363.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carol N. Brown sold 5,118 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Private Trust Co. NA purchased a new stake in shares of SL Green Realty during the fourth quarter worth about $33,000. Financial Gravity Asset Management Inc. lifted its holdings in SL Green Realty by 3,073.3% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 922 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in SL Green Realty by 92.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 747 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in SL Green Realty in the 3rd quarter worth $88,000. Finally, Advisory Services Network LLC purchased a new stake in shares of SL Green Realty in the 4th quarter worth about $95,000. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Company Profile

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.