SL Green Realty (NYSE:SLG) Share Price Crosses Above Fifty Day Moving Average – Here’s Why

SL Green Realty Corporation (NYSE:SLG)’s share price crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $50.91 and traded as high as $54.04. SL Green Realty shares last traded at $53.8160, with a volume of 1,373,345 shares traded.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SLG. JPMorgan Chase & Co. increased their price target on SL Green Realty from $51.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, August 25th. Evercore set a $60.00 price objective on shares of SL Green Realty in a research note on Monday, September 21st. Wells Fargo & Company decreased their target price on shares of SL Green Realty from $56.50 to $54.00 and set an “equal weight” rating for the company in a report on Monday. Mizuho set a $53.00 target price on shares of SL Green Realty in a research report on Tuesday, September 8th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a research report on Tuesday, August 25th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $54.35.

SL Green Realty Price Performance

The company has a quick ratio of 3.10, a current ratio of 2.92 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $3.83 billion, a price-to-earnings ratio of -26.12, a P/E/G ratio of 3.63 and a beta of 1.71. The company’s 50-day simple moving average is $50.91 and its 200 day simple moving average is $46.90.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 earnings per share for the quarter, topping the consensus estimate of ($0.25) by $1.26. SL Green Realty had a negative return on equity of 3.18% and a negative net margin of 12.03%. The firm had revenue of $165.55 million during the quarter, compared to analyst estimates of $176.97 million. During the same period in the previous year, the company earned $1.58 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities research analysts forecast that SL Green Realty Corporation will post 6.29 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a $0.6175 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $2.47 dividend on an annualized basis and a yield of 4.6%. SL Green Realty’s dividend payout ratio (DPR) is presently -119.90%.

Insider Transactions at SL Green Realty

In related news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction on Friday, August 21st. The shares were sold at an average price of $57.71, for a total value of $1,333,851.23. Following the transaction, the insider owned 109,468 shares in the company, valued at $6,317,398.28. This trade represents a 17.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of SL Green Realty in the second quarter valued at about $706,881,000. Deutsche Bank AG bought a new position in shares of SL Green Realty in the second quarter worth about $58,202,000. Bank of New York Mellon Corp acquired a new position in shares of SL Green Realty during the 2nd quarter worth about $42,277,000. Bank of America Corp DE lifted its position in shares of SL Green Realty by 226.6% during the 1st quarter. Bank of America Corp DE now owns 744,053 shares of the real estate investment trust’s stock worth $27,485,000 after purchasing an additional 516,242 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in SL Green Realty during the 2nd quarter valued at approximately $27,344,000. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.