SL Green Realty (NYSE:SLG) Shares Gap Down – Time to Sell?

SL Green Realty Corporation (NYSE:SLG) shares gapped down before the market opened on Wednesday . The stock had previously closed at $61.97, but opened at $59.70. SL Green Realty shares last traded at $60.28, with a volume of 461,535 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SLG. Piper Sandler lowered their target price on SL Green Realty from $90.00 to $72.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Morgan Stanley raised their price objective on shares of SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 12th. Barclays cut their target price on shares of SL Green Realty from $76.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 30th. Truist Financial reduced their target price on shares of SL Green Realty from $62.00 to $54.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of SL Green Realty in a report on Friday, May 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $66.33.

SL Green Realty Price Performance

The company has a debt-to-equity ratio of 0.99, a current ratio of 2.85 and a quick ratio of 2.85. The company’s 50 day simple moving average is $58.41 and its 200 day simple moving average is $61.13. The company has a market capitalization of $4.32 billion, a PE ratio of -144.32 and a beta of 1.66.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.13. The business had revenue of $144.52 million during the quarter, compared to analysts’ expectations of $158.44 million. SL Green Realty had a negative net margin of 1.30% and a negative return on equity of 0.98%. As a group, sell-side analysts predict that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

SL Green Realty Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.2575 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.03 annualized dividend and a yield of 1.70%. SL Green Realty’s dividend payout ratio is presently -735.71%.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds have recently made changes to their positions in the company. Jones Financial Companies Lllp purchased a new stake in shares of SL Green Realty in the 4th quarter valued at about $39,000. Quadrant Capital Group LLC increased its position in SL Green Realty by 37.4% during the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 208 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in SL Green Realty in the fourth quarter valued at approximately $75,000. GF Fund Management CO. LTD. purchased a new stake in SL Green Realty in the fourth quarter valued at approximately $80,000. Finally, Summit Securities Group LLC acquired a new stake in shares of SL Green Realty in the fourth quarter valued at approximately $88,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Company Profile

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.