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

Shares of SL Green Realty Corp. (NYSE:SLG) have received a consensus rating of “Reduce” from the thirteen brokerages that are covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $44.62.

A number of equities research analysts have recently weighed in on SLG shares. Piper Sandler reiterated an “overweight” rating and issued a $58.00 price target on shares of SL Green Realty in a research report on Tuesday, March 26th. JPMorgan Chase & Co. lifted their price target on shares of SL Green Realty from $43.00 to $44.00 and gave the company an “underweight” rating in a research report on Thursday, April 25th. Scotiabank lifted 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. Morgan Stanley lifted their price objective on shares of 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. Finally, Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $35.00 to $48.00 in a research note on Wednesday, March 27th.

SL Green Realty Stock Up 1.5 %

NYSE SLG opened at $56.43 on Friday. The company has a current ratio of 2.96, a quick ratio of 2.96 and a debt-to-equity ratio of 1.01. SL Green Realty has a 1-year low of $28.55 and a 1-year high of $58.54. The company has a 50 day moving average of $53.49 and a 200-day moving average of $49.96. The company has a market cap of $3.72 billion, a price-to-earnings ratio of -6.83, a PEG ratio of 1.03 and a beta of 1.83.

SL Green Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.25 dividend. The ex-dividend date is Friday, June 28th. This represents a $3.00 annualized dividend and a dividend yield of 5.32%. SL Green Realty’s dividend payout ratio is -36.32%.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in SL Green Realty by 0.6% in the first quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock valued at $572,524,000 after buying an additional 60,032 shares during the period. Deutsche Bank AG lifted its holdings in SL Green Realty by 2,563.6% in the third quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock valued at $74,573,000 after buying an additional 1,924,221 shares during the period. Wellington Management Group LLP lifted its holdings in SL Green Realty by 7.6% in the fourth quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock valued at $50,363,000 after buying an additional 78,322 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in SL Green Realty by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,024,383 shares of the real estate investment trust’s stock valued at $46,271,000 after buying an additional 30,289 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in SL Green Realty by 24.7% in the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after buying an additional 158,268 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.