Insider Selling: SL Green Realty (NYSE:SLG) Insider Sells $988,227.24 in Stock

SL Green Realty Corporation (NYSE:SLG) insider Harrison Sitomer sold 16,887 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $58.52, for a total value of $988,227.24. Following the completion of the sale, the insider directly owned 132,581 shares of the company’s stock, valued at approximately $7,758,640.12. This represents a 11.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Harrison Sitomer also recently made the following trade(s):

• On Friday, August 21st, Harrison Sitomer sold 23,113 shares of SL Green Realty stock. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23.

SL Green Realty Trading Down 1.7%

SLG stock opened at $58.83 on Thursday. The company has a market capitalization of $4.19 billion, a PE ratio of -21.55, a price-to-earnings-growth ratio of 2.63 and a beta of 1.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. SL Green Realty Corporation has a one year low of $34.77 and a one year high of $66.29. The company’s 50 day moving average price is $53.28 and its two-hundred day moving average price is $45.69.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The company had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $179.01 million. During the same quarter in the prior year, the company earned $1.63 EPS. The firm’s revenue was up 16.5% on a year-over-year basis. As a group, analysts predict that SL Green Realty Corporation will post 5.44 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.6175 per share. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Tuesday, June 30th. SL Green Realty’s dividend payout ratio (DPR) is -90.48%.

Institutional Investors Weigh In On SL Green Realty

A number of large investors have recently made changes to their positions in SLG. BlackRock Inc. bought a new position in SL Green Realty in the second quarter worth about $706,881,000. State Street Corp lifted its holdings in SL Green Realty by 1.0% in the second quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust’s stock worth $264,636,000 after buying an additional 41,873 shares during the period. California State Teachers Retirement System boosted its position in SL Green Realty by 4,932.5% during the 2nd quarter. California State Teachers Retirement System now owns 4,221,844 shares of the real estate investment trust’s stock valued at $218,565,000 after acquiring an additional 4,137,952 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in SL Green Realty by 25.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 3,041,226 shares of the real estate investment trust’s stock valued at $139,501,000 after acquiring an additional 617,488 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of SL Green Realty by 62.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock worth $133,862,000 after acquiring an additional 1,117,357 shares during the period. 89.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SLG shares. Evercore lowered SL Green Realty from an “outperform” rating to an “in-line” rating and set a $56.00 price target on the stock. in a research report on Monday, July 6th. UBS Group set a $60.00 price objective on SL Green Realty in a research note on Monday, July 27th. Piper Sandler set a $79.00 target price on shares of SL Green Realty and gave the stock an “overweight” rating in a report on Friday, July 24th. Wall Street Zen downgraded shares of SL Green Realty from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Mizuho increased their price target on shares of SL Green Realty from $38.00 to $46.00 and gave the company a “neutral” rating in a research report on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $56.20.

About SL Green Realty

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.