SL Green Realty (NYSE:SLG) Sets New 12-Month Low – Time to Sell?

SL Green Realty Corporation (NYSE:SLG)’s share price reached a new 52-week low on Monday . The stock traded as low as $44.90 and last traded at $44.6950, with a volume of 869885 shares changing hands. The stock had previously closed at $47.97.

Wall Street Analyst Weigh In

Several research firms have recently commented on SLG. Scotiabank set a $66.00 target price on SL Green Realty and gave the company a “sector outperform” rating in a research report on Friday, October 24th. Barclays set a $59.00 price target on SL Green Realty in a research note on Monday, November 3rd. JPMorgan Chase & Co. lifted their target price on SL Green Realty from $69.00 to $71.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Wells Fargo & Company lowered their price target on shares of SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, October 27th. Finally, Evercore ISI decreased their target price on shares of SL Green Realty from $72.00 to $63.00 and set an “outperform” rating on the stock in a research report on Monday, October 20th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and a consensus price target of $64.33.

SL Green Realty Trading Down 6.8%

The firm’s 50-day simple moving average is $56.32 and its 200 day simple moving average is $58.03. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of 4,475.88 and a beta of 1.75. The company has a debt-to-equity ratio of 1.04, a current ratio of 3.22 and a quick ratio of 2.72.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.24. The business had revenue of $244.82 million during the quarter, compared to the consensus estimate of $170.27 million. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.SL Green Realty’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.26 EPS. Equities analysts expect that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be paid a $0.2575 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date is Friday, October 31st. SL Green Realty’s dividend payout ratio is presently 30,900.00%.

Insider Buying and Selling

In other news, Director Carol N. Brown sold 937 shares of SL Green Realty stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $63.09, for a total transaction of $59,115.33. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 5.04% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of SL Green Realty by 2.6% in the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust’s stock valued at $641,238,000 after buying an additional 283,009 shares during the period. State Street Corp boosted its stake in shares of SL Green Realty by 1.0% in the 2nd quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust’s stock valued at $264,636,000 after purchasing an additional 41,873 shares during the last quarter. Geode Capital Management LLC increased its position in shares of SL Green Realty by 0.4% during the second quarter. Geode Capital Management LLC now owns 1,833,682 shares of the real estate investment trust’s stock worth $113,518,000 after buying an additional 6,690 shares during the period. Goldman Sachs Group Inc. lifted its holdings in SL Green Realty by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust’s stock valued at $97,851,000 after buying an additional 130,206 shares during the period. Finally, Prudential Financial Inc. grew its holdings in SL Green Realty by 104.1% during 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 acquiring an additional 827,407 shares during the period. 89.96% of the stock is owned by institutional investors.

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.