SL Green Realty (NYSE:SLG) Upgraded 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.

SLG has been the topic of several other reports. Scotiabank upgraded shares of SL Green Realty from a sector underperform rating to a sector perform rating and lifted their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, July 9th. JPMorgan Chase & Co. lifted their target price on shares of SL Green Realty from $43.00 to $44.00 and gave the stock an underweight rating in a research report on Thursday, April 25th. Citigroup boosted their price target on shares of SL Green Realty from $31.00 to $37.00 and gave the stock a sell rating in a research report on Thursday, June 13th. Morgan Stanley boosted their price target on shares of 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. Finally, Piper Sandler restated an overweight rating and issued a $58.00 price target on shares of SL Green Realty in a research report on Tuesday, March 26th. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $46.08.

SL Green Realty Price Performance

SLG opened at $60.77 on Friday. The company’s 50 day moving average is $55.35 and its 200-day moving average is $51.09. SL Green Realty has a 1-year low of $28.55 and a 1-year high of $66.54. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.96 and a current ratio of 2.59.

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

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid 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 currently -36.32%.

Institutional Trading of SL Green Realty

Several hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in shares of SL Green Realty by 6.3% in the 1st quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock valued at $182,000 after acquiring an additional 196 shares in the last quarter. Rosenberg Matthew Hamilton increased its stake in SL Green Realty by 9.6% during the 4th quarter. Rosenberg Matthew Hamilton now owns 2,588 shares of the real estate investment trust’s stock valued at $117,000 after purchasing an additional 227 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in SL Green Realty by 1.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 13,739 shares of the real estate investment trust’s stock valued at $621,000 after purchasing an additional 255 shares in the last quarter. CIBC Asset Management Inc increased its stake in SL Green Realty by 6.2% during the 4th quarter. CIBC Asset Management Inc now owns 7,093 shares of the real estate investment trust’s stock valued at $320,000 after purchasing an additional 414 shares in the last quarter. Finally, Private Trust Co. NA bought a new stake in SL Green Realty during the 4th quarter valued at $33,000. 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.