SL Green Realty (NYSE:SLG) Sets New 12-Month Low – What’s Next?

SL Green Realty Corporation (NYSE:SLG) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $42.34 and last traded at $42.1640, with a volume of 671075 shares. The stock had previously closed at $43.69.

Analysts Set New Price Targets

SLG has been the topic of several research reports. New Street Research set a $72.00 price target on shares of SL Green Realty in a research report on Thursday, October 9th. Piper Sandler reissued an “overweight” rating on shares of SL Green Realty in a research report on Wednesday. Citigroup raised SL Green Realty from a “neutral” rating to a “buy” rating and increased their price objective for the company from $65.00 to $70.00 in a research note on Friday, September 12th. JPMorgan Chase & Co. lifted their price objective on SL Green Realty from $69.00 to $71.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Finally, Evercore ISI decreased their price target on SL Green Realty from $72.00 to $63.00 and set an “outperform” rating on the stock in a research note on Monday, October 20th. Five equities research 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. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $63.67.

SL Green Realty Stock Down 3.9%

The stock’s 50 day simple moving average is $51.65 and its 200 day simple moving average is $56.96. The stock has a market capitalization of $3.00 billion, a P/E ratio of 4,182.18 and a beta of 1.61. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.03.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates 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%.The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.26 EPS. As a group, research analysts predict that SL Green Realty Corporation will post 5.43 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be paid a $0.2575 dividend. This represents a c) dividend on an annualized basis and a yield of 7.4%. The ex-dividend date is Friday, November 28th. SL Green Realty’s payout ratio is presently 30,900.00%.

Insider Buying and Selling at SL Green Realty

In related news, Director Carol N. Brown sold 937 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 5.04% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds have recently added to or reduced their stakes in SLG. Ethic Inc. boosted its holdings in shares of SL Green Realty by 2.4% during the third quarter. Ethic Inc. now owns 8,132 shares of the real estate investment trust’s stock valued at $486,000 after acquiring an additional 193 shares during the period. Louisiana State Employees Retirement System boosted its stake in SL Green Realty by 0.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 33,200 shares of the real estate investment trust’s stock valued at $2,055,000 after purchasing an additional 200 shares during the period. MAI Capital Management grew its position in SL Green Realty by 25.9% in the 2nd quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 203 shares during the last quarter. Amalgamated Bank increased its stake in shares of SL Green Realty by 1.2% in the second quarter. Amalgamated Bank now owns 20,245 shares of the real estate investment trust’s stock valued at $1,253,000 after purchasing an additional 235 shares during the period. Finally, Mackenzie Financial Corp raised its holdings in shares of SL Green Realty by 4.7% during the first quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust’s stock valued at $307,000 after buying an additional 240 shares during the last quarter. 89.96% of the stock is currently 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.