SL Green Realty (NYSE:SLG) Earns Neutral Rating from Analysts at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH initiated coverage on shares of SL Green Realty (NYSE:SLG) in a research report report published on Monday, Marketbeat.com reports. The brokerage issued a neutral rating and a $63.00 price objective on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the stock. New Street Research set a $72.00 target price on shares of SL Green Realty in a research note on Thursday, October 9th. Truist Financial raised their target price on shares of SL Green Realty from $54.00 to $58.00 and gave the company a “hold” rating in a research note on Friday, July 18th. Scotiabank raised shares of SL Green Realty from a “sector perform” rating to a “sector outperform” rating and set a $71.00 target price on the stock in a research note on Friday, July 25th. JPMorgan Chase & Co. lifted their price target on shares of SL Green Realty from $69.00 to $71.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Finally, Evercore ISI decreased their price target on shares of SL Green Realty from $76.00 to $72.00 and set an “outperform” rating on the stock in a research note on Thursday, October 9th. Six investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, SL Green Realty presently has an average rating of “Hold” and an average target price of $67.94.

SL Green Realty Trading Up 2.4%

Shares of SLG opened at $57.39 on Monday. The firm’s 50 day simple moving average is $58.34 and its 200 day simple moving average is $58.10. The company has a market capitalization of $4.09 billion, a P/E ratio of -106.27 and a beta of 1.77. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.72. SL Green Realty has a 1-year low of $45.15 and a 1-year high of $82.81.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, October 15th. The real estate investment trust reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. The business had revenue of $149.67 million for the quarter, compared to the consensus estimate of $170.27 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. SL Green Realty’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm posted $1.26 earnings per share. Sell-side analysts forecast that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently announced a sep 25 dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.2575 dividend. This represents a dividend yield of 517.0%. The ex-dividend date of this dividend was Tuesday, September 30th. SL Green Realty’s payout ratio is presently -572.22%.

Insider Activity at SL Green Realty

In related news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction on Friday, July 18th. The shares were sold at an average price of $60.61, for a total value of $151,525.00. Following the sale, the director owned 937 shares in the company, valued at $56,791.57. The trade was a 72.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.04% of the stock is currently owned by insiders.

Institutional Trading of SL Green Realty

A number of hedge funds have recently modified their holdings of SLG. Nuveen LLC purchased a new position in shares of SL Green Realty in the 1st quarter worth about $87,878,000. Norges Bank purchased a new position in shares of SL Green Realty in the 2nd quarter worth about $55,947,000. Prudential Financial Inc. raised its position in shares of SL Green Realty by 104.1% in the 2nd quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust’s stock worth $100,439,000 after purchasing an additional 827,407 shares during the last quarter. Balyasny Asset Management L.P. raised its position in shares of SL Green Realty by 663.4% in the 2nd quarter. Balyasny Asset Management L.P. now owns 513,556 shares of the real estate investment trust’s stock worth $31,789,000 after purchasing an additional 446,283 shares during the last quarter. Finally, BROOKFIELD Corp ON purchased a new position in shares of SL Green Realty in the 2nd quarter worth about $18,695,000. Institutional investors 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.