SL Green Realty (NYSE:SLG) Lifted to “Sell” at StockNews.com

StockNews.com upgraded shares of SL Green Realty (NYSE:SLG) to a sell rating in a report issued on Friday morning.

A number of other brokerages have also commented on SLG. Truist Financial increased their price objective on SL Green Realty from $47.00 to $55.00 and gave the company a hold rating in a research report on Friday. Morgan Stanley raised their price target on SL Green Realty from $41.00 to $47.00 and gave the stock an equal weight rating in a research report on Thursday, March 28th. Citigroup upped their price target on SL Green Realty from $31.00 to $37.00 and gave the company a sell rating in a research note on Thursday, June 13th. BMO Capital Markets raised shares of SL Green Realty from a market perform rating to an outperform rating and lifted their price objective for the stock from $56.00 to $58.00 in a research note on Thursday, April 18th. Finally, Piper Sandler reaffirmed an overweight rating and issued a $58.00 target price on shares of SL Green Realty in a research note on Tuesday, March 26th. Six research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, SL Green Realty currently has an average rating of Hold and an average price target of $46.08.

SL Green Realty Stock Down 0.0 %

Shares of SLG opened at $60.77 on Friday. The company has a current ratio of 2.59, a quick ratio of 2.96 and a debt-to-equity ratio of 0.99. The business’s fifty day moving average price is $55.35 and its two-hundred day moving average price is $51.09. SL Green Realty has a 52 week low of $28.55 and a 52 week high of $66.54.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. The firm had revenue of $222.82 million for the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The business’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same period last year, the company earned $1.43 EPS. As a group, equities analysts forecast that SL Green Realty will post 7.54 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $0.25 dividend. The ex-dividend date was Friday, June 28th. This represents a $3.00 annualized dividend and a dividend yield of 4.94%. SL Green Realty’s dividend payout ratio is presently -36.32%.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of SLG. Nisa Investment Advisors LLC boosted its position in SL Green Realty by 2.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 121,022 shares of the real estate investment trust’s stock worth $6,885,000 after acquiring an additional 2,797 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in SL Green Realty by 4.4% during the second quarter. Sequoia Financial Advisors LLC now owns 14,352 shares of the real estate investment trust’s stock worth $813,000 after purchasing an additional 606 shares during the last quarter. Gilman Hill Asset Management LLC grew its position in SL Green Realty by 2.1% in the second quarter. Gilman Hill Asset Management LLC now owns 185,367 shares of the real estate investment trust’s stock valued at $10,499,000 after purchasing an additional 3,758 shares in the last quarter. Tandem Capital Management Corp ADV increased its stake in SL Green Realty by 13.5% in the 2nd quarter. Tandem Capital Management Corp ADV now owns 62,333 shares of the real estate investment trust’s stock valued at $3,428,000 after buying an additional 7,428 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in SL Green Realty by 18.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 67,923 shares of the real estate investment trust’s stock worth $3,665,000 after buying an additional 10,704 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

About SL Green Realty

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.