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

SL Green Realty Corp. (NYSE:SLG)’s stock price reached 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 traded. The stock had previously closed at $50.63.

Analyst Ratings Changes

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

SL Green Realty Stock Performance

The stock’s 50-day moving average is $61.66 and its 200 day moving average is $68.39. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The firm has a market cap of $3.51 billion, a P/E ratio of 618.20, a PEG ratio of 5.30 and a beta of 1.61.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. On average, research analysts predict that SL Green Realty Corp. will post 5.43 earnings per share for the current year.

SL Green Realty Increases Dividend

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

Insider Transactions at SL Green Realty

In related news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the transaction, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This represents a 62.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.08% of the stock is owned by insiders.

Institutional Trading of SL Green Realty

A number of institutional investors have recently modified their holdings of SLG. Point72 DIFC Ltd bought a new position in shares of SL Green Realty during the third quarter worth about $35,000. Jones Financial Companies Lllp bought a new position in shares of SL Green Realty during the 4th quarter worth approximately $39,000. Quadrant Capital Group LLC raised its holdings in shares of SL Green Realty by 37.4% in the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 208 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of SL Green Realty by 17.7% in the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 157 shares in the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new position in SL Green Realty during the fourth quarter worth $75,000. 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.