SL Green Realty (NYSE:SLG) Earns Hold Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group began coverage on shares of SL Green Realty (NYSE:SLG) in a research report released on Monday, Marketbeat Ratings reports. The firm issued a hold rating and a $58.00 target price on the real estate investment trust’s stock.

Other equities research analysts have also issued research reports about the company. Bank of America dropped their price target on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Barclays dropped their price target on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Truist Financial boosted their price target on SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, January 27th. Scotiabank dropped their target price on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 28th. Finally, Evercore ISI upgraded SL Green Realty from an “in-line” rating to an “outperform” rating and dropped their target price for the company from $74.00 to $73.00 in a research report on Monday. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.87.

SL Green Realty Stock Performance

SLG stock opened at $58.25 on Monday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The business has a 50-day moving average price of $63.81 and a 200 day moving average price of $69.30. The company has a market capitalization of $4.15 billion, a P/E ratio of 728.09, a PEG ratio of 5.30 and a beta of 1.82. SL Green Realty has a 1-year low of $47.22 and a 1-year high of $82.81.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. As a group, equities research analysts forecast that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a dividend of $0.2575 per share. This represents a $3.09 annualized dividend and a dividend yield of 5.30%. The ex-dividend date of this dividend was Friday, February 28th. SL Green Realty’s payout ratio is 3,862.50%.

Insider Transactions at SL Green Realty

In related news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the transaction, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This represents a 62.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.08% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in SL Green Realty by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock valued at $735,594,000 after purchasing an additional 564,822 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of SL Green Realty by 50.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock worth $202,777,000 after acquiring an additional 977,321 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of SL Green Realty by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust’s stock worth $119,001,000 after acquiring an additional 110,594 shares during the last quarter. Nuveen Asset Management LLC increased its stake in shares of SL Green Realty by 3.0% in the 4th quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust’s stock worth $111,179,000 after acquiring an additional 46,988 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its stake in shares of SL Green Realty by 30.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,493,208 shares of the real estate investment trust’s stock worth $101,419,000 after acquiring an additional 347,608 shares during the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

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.