SL Green Realty (NYSE:SLG) Hits New 52-Week Low at $26.52

Shares of SL Green Realty Corp. (NYSE:SLG – Get Rating) reached a new 52-week low on Wednesday . The company traded as low as $26.52 and last traded at $26.61, with a volume of 715153 shares traded. The stock had previously closed at $28.00.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Mizuho cut their target price on shares of SL Green Realty from $48.00 to $38.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 4th. Barclays lowered their price target on SL Green Realty from $88.00 to $47.00 and set an “overweight” rating for the company in a report on Wednesday, December 7th. StockNews.com assumed coverage on SL Green Realty in a report on Thursday. They issued a “sell” rating for the company. Citigroup upped their price target on SL Green Realty from $30.00 to $35.00 and gave the company a “sell” rating in a report on Wednesday, February 8th. Finally, Deutsche Bank Aktiengesellschaft downgraded SL Green Realty from a “buy” rating to a “hold” rating and set a $32.00 price target for the company. in a report on Wednesday, January 4th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.94.

SL Green Realty Trading Down 4.8 %

The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 1.20. The company has a fifty day moving average of $36.39 and a two-hundred day moving average of $38.44. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -17.64 and a beta of 1.52.

SL Green Realty (NYSE:SLG – Get Rating) last issued its quarterly earnings results on Wednesday, January 25th. The real estate investment trust reported ($1.01) earnings per share for the quarter, missing the consensus estimate of $1.48 by ($2.49). SL Green Realty had a negative return on equity of 1.62% and a negative net margin of 9.44%. The company had revenue of $197.29 million for the quarter, compared to analyst estimates of $194.74 million. During the same period in the prior year, the business earned $1.52 earnings per share. SL Green Realty’s revenue for the quarter was up 31.4% compared to the same quarter last year. On average, research analysts expect that SL Green Realty Corp. will post 5.48 EPS for the current year.

SL Green Realty Cuts Dividend

The business also recently declared a monthly dividend, which was paid on Wednesday, March 15th. Investors of record on Tuesday, February 28th were issued a dividend of $0.2708 per share. This represents a $3.25 annualized dividend and a dividend yield of 12.36%. The ex-dividend date of this dividend was Monday, February 27th. SL Green Realty’s dividend payout ratio is presently -218.12%.

Insider Buying and Selling

In other SL Green Realty news, Director Craig M. Hatkoff sold 9,000 shares of the stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $34.31, for a total value of $308,790.00. Following the completion of the transaction, the director now owns 2,052 shares in the company, valued at $70,404.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.21% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SLG. Raymond James & Associates raised its position in SL Green Realty by 24.8% in the first quarter. Raymond James & Associates now owns 9,662 shares of the real estate investment trust’s stock worth $784,000 after acquiring an additional 1,923 shares in the last quarter. HighTower Advisors LLC purchased a new position in SL Green Realty in the first quarter worth $278,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in SL Green Realty in the first quarter worth $662,000. MetLife Investment Management LLC increased its position in shares of SL Green Realty by 27.2% in the first quarter. MetLife Investment Management LLC now owns 41,120 shares of the real estate investment trust’s stock valued at $3,338,000 after buying an additional 8,784 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of SL Green Realty by 6.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,494 shares of the real estate investment trust’s stock valued at $1,907,000 after buying an additional 1,371 shares in the last quarter. Hedge funds and other institutional investors own 82.00% of the company’s stock.

SL Green Realty Company Profile

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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.