SL Green Realty (NYSE:SLG) Sets New 1-Year Low – Should You Sell?

SL Green Realty Corp. (NYSE:SLG)’s share price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $46.92 and last traded at $48.01, with a volume of 118428 shares changing hands. The stock had previously closed at $50.63.

Wall Street Analyst Weigh In

A number of research firms recently commented on SLG. Morgan Stanley increased their price objective on SL Green Realty from $52.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 12th. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Wells Fargo & Company lowered their price objective on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Truist Financial boosted their target price on shares of SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, January 27th. Finally, Scotiabank lowered their price target on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, SL Green Realty has a consensus rating of “Hold” and an average price target of $69.87.

SL Green Realty Stock Down 2.7 %

The company has a market capitalization of $3.51 billion, a P/E ratio of 618.20, a P/E/G ratio of 5.30 and a beta of 1.61. The business’s fifty day moving average price is $61.66 and its 200 day moving average price is $68.39. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. As a group, equities research analysts predict that SL Green Realty Corp. will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.2575 per share. The ex-dividend date is Monday, March 31st. This is a boost from SL Green Realty’s previous quarterly dividend of $0.25. This represents a $1.03 dividend on an annualized basis and a dividend yield of 2.09%. SL Green Realty’s dividend payout ratio (DPR) is presently 3,862.50%.

Insider Activity

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now directly owns 2,052 shares in the company, valued at $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SLG. Wellington Management Group LLP raised its position in SL Green Realty by 50.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock valued at $202,777,000 after purchasing an additional 977,321 shares during the last quarter. Norges Bank bought a new position in shares of SL Green Realty in the fourth quarter valued at about $48,050,000. Northern Trust Corp lifted its position in SL Green Realty by 79.9% during the 4th quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust’s stock worth $97,101,000 after buying an additional 634,788 shares in the last quarter. Vanguard Group Inc. grew its holdings in SL Green Realty by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock worth $735,594,000 after acquiring an additional 564,822 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in SL Green Realty during the 4th quarter worth about $29,000,000. Institutional investors own 89.96% of the company’s stock.

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.