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

Shares of SL Green Realty Corporation (NYSE:SLG) have been given an average recommendation of “Hold” by the nineteen analysts that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $55.15.

Several brokerages recently weighed in on SLG. Weiss Ratings raised SL Green Realty from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, May 28th. JPMorgan Chase & Co. lifted their target price on SL Green Realty from $49.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 5th. Mizuho boosted their price target on SL Green Realty from $38.00 to $46.00 and gave the company a “neutral” rating in a report on Tuesday, July 21st. Scotiabank upped their price target on SL Green Realty from $56.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Wednesday, August 5th. Finally, Citigroup restated a “buy” rating and set a $60.00 price objective (up from $45.00) on shares of SL Green Realty in a research note on Friday, July 24th.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of SLG. BlackRock Inc. acquired a new stake in SL Green Realty in the second quarter worth $706,881,000. State Street Corp raised its position in shares of SL Green Realty by 1.0% during the 2nd quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust’s stock worth $264,636,000 after buying an additional 41,873 shares in the last quarter. Alyeska Investment Group L.P. raised its position in shares of SL Green Realty by 25.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 3,041,226 shares of the real estate investment trust’s stock worth $139,501,000 after buying an additional 617,488 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of SL Green Realty by 62.0% in 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 acquiring an additional 1,117,357 shares during the period. Finally, Cohen & Steers Inc. bought a new position in shares of SL Green Realty in the fourth quarter valued at approximately $121,675,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

SL Green Realty Price Performance

Shares of SLG stock opened at $58.30 on Friday. The firm has a fifty day moving average of $52.63 and a two-hundred day moving average of $45.24. The firm has a market cap of $4.15 billion, a P/E ratio of -21.36, a P/E/G ratio of 2.53 and a beta of 1.58. SL Green Realty has a 1-year low of $34.77 and a 1-year high of $66.29. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.10 and a quick ratio of 3.10.

SL Green Realty (NYSE:SLG) last issued its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The business had revenue of $264.00 million for the quarter, compared to analyst estimates of $179.01 million. During the same quarter in the prior year, the business posted $1.63 EPS. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. As a group, research analysts anticipate that SL Green Realty will post 5.44 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.6175 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.47 annualized dividend and a yield of 4.2%. SL Green Realty’s dividend payout ratio is -90.48%.

SL Green Realty Company Profile

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.