SL Green Realty (NYSE:SLG) Sees Large Volume Increase

Shares of SL Green Realty Corp. (NYSE:SLG – Get Rating) saw unusually-strong trading volume on Friday . Approximately 1,922,140 shares traded hands during mid-day trading, an increase of 8% from the previous session’s volume of 1,776,240 shares.The stock last traded at $24.22 and had previously closed at $26.29.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SLG shares. Deutsche Bank Aktiengesellschaft lowered SL Green Realty from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a report on Wednesday, January 4th. Citigroup lifted their target price on SL Green Realty from $30.00 to $35.00 and gave the company a “sell” rating in a research report on Wednesday, February 8th. Barclays lowered their target price on SL Green Realty from $88.00 to $47.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 7th. Scotiabank downgraded SL Green Realty from a “sector perform” rating to an “underperform” rating and lowered their target price for the company from $43.00 to $34.00 in a research report on Tuesday, December 6th. Finally, StockNews.com started coverage on SL Green Realty in a research report on Thursday. They issued a “sell” rating on the stock. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and a consensus price target of $46.31.

SL Green Realty Stock Down 10.3 %

The stock’s fifty day simple moving average is $36.16 and its 200-day simple moving average is $38.25. The stock has a market cap of $1.52 billion, a P/E ratio of -15.82 and a beta of 1.52. The company has a debt-to-equity ratio of 1.20, a quick ratio of 2.64 and a current ratio of 2.64.

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 (EPS) for the quarter, missing the consensus estimate of $1.48 by ($2.49). SL Green Realty had a negative net margin of 9.44% and a negative return on equity of 1.62%. The company had revenue of $197.29 million during the quarter, compared to the consensus estimate of $194.74 million. During the same quarter last year, the firm posted $1.52 earnings per share. The company’s quarterly revenue was up 31.4% on a year-over-year basis. As a group, research analysts forecast that SL Green Realty Corp. will post 5.48 earnings per share for the current fiscal 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 given a $0.2708 dividend. This represents a $3.25 dividend on an annualized basis and a dividend yield of 13.79%. The ex-dividend date was Monday, February 27th. SL Green Realty’s payout ratio is currently -218.12%.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 9,000 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $34.31, for a total value of $308,790.00. Following the transaction, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $70,404.12. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 5.21% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SLG. Marshall Wace LLP raised its position in SL Green Realty by 455.8% during the third quarter. Marshall Wace LLP now owns 1,305,879 shares of the real estate investment trust’s stock valued at $52,444,000 after purchasing an additional 1,070,944 shares in the last quarter. Norges Bank acquired a new position in SL Green Realty during the fourth quarter valued at approximately $24,417,000. DAVENPORT & Co LLC raised its position in SL Green Realty by 53.2% during the third quarter. DAVENPORT & Co LLC now owns 1,941,644 shares of the real estate investment trust’s stock valued at $77,976,000 after purchasing an additional 674,516 shares in the last quarter. PGGM Investments acquired a new position in SL Green Realty during the third quarter valued at approximately $19,681,000. Finally, Natixis acquired a new position in SL Green Realty during the fourth quarter valued at approximately $15,655,000. 82.00% of the stock is currently owned by institutional investors and hedge funds.

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.