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

Shares of SL Green Realty Corporation (NYSE:SLG) have received an average recommendation of “Hold” from the nineteen brokerages that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $50.75.

A number of analysts recently commented on the stock. Citigroup dropped their target price on shares of SL Green Realty from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, March 24th. JPMorgan Chase & Co. raised their target price on shares of SL Green Realty from $49.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, May 5th. Wells Fargo & Company lifted their price target on shares of SL Green Realty from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Morgan Stanley dropped their price target on SL Green Realty from $43.00 to $36.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 31st. Finally, Weiss Ratings upgraded SL Green Realty from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, May 28th.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC increased its stake in SL Green Realty by 74.8% in the 1st quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock worth $1,519,000 after purchasing an additional 11,506 shares in the last quarter. United Services Automobile Association purchased a new stake in SL Green Realty during the first quarter valued at about $253,000. Empowered Funds LLC boosted its holdings in shares of SL Green Realty by 10.9% in the first quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock worth $425,000 after buying an additional 722 shares during the period. Creative Planning acquired a new position in shares of SL Green Realty in the second quarter worth about $421,000. Finally, California Public Employees Retirement System increased its position in shares of SL Green Realty by 4.6% in the second quarter. California Public Employees Retirement System now owns 131,528 shares of the real estate investment trust’s stock worth $8,142,000 after acquiring an additional 5,789 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Stock Performance

NYSE:SLG opened at $51.41 on Monday. SL Green Realty has a twelve month low of $34.77 and a twelve month high of $66.29. The company has a current ratio of 3.03, a quick ratio of 3.03 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average of $48.04 and a 200-day moving average of $43.93. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of -20.48 and a beta of 1.58.

SL Green Realty Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Tuesday, June 30th. SL Green Realty’s payout ratio is presently -98.41%.

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.