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

Shares of SL Green Realty Corporation (NYSE:SLG) gapped down before the market opened on Monday . The stock had previously closed at $61.99, but opened at $60.00. SL Green Realty shares last traded at $60.16, with a volume of 272,531 shares traded.

Analysts Set New Price Targets

Several brokerages have commented on SLG. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of SL Green Realty in a research report on Friday, May 23rd. Evercore ISI decreased their price target on shares of SL Green Realty from $74.00 to $73.00 and set an “outperform” rating for the company in a report on Monday, August 18th. Scotiabank upgraded shares of SL Green Realty from a “sector perform” rating to a “sector outperform” rating and set a $71.00 target price on the stock in a research note on Friday, July 25th. Truist Financial raised their target price on shares of SL Green Realty from $54.00 to $58.00 and gave the company a “hold” rating in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. reduced their price target on SL Green Realty from $70.00 to $69.00 and set a “neutral” rating on the stock in a report on Wednesday, July 9th. Four research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and an average target price of $67.29.

SL Green Realty Price Performance

The stock has a market cap of $4.33 billion, a PE ratio of -112.59 and a beta of 1.74. The firm has a 50-day moving average of $58.40 and a 200-day moving average of $58.05. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.72.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, topping the consensus estimate of $1.37 by $0.26. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%.The company had revenue of $147.54 million for the quarter, compared to the consensus estimate of $171.24 million. During the same period last year, the business posted $2.05 EPS. SL Green Realty’s quarterly revenue was up 8.6% on a year-over-year basis. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. Research analysts predict that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently disclosed a aug 25 dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.2575 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a dividend yield of 543.0%. SL Green Realty’s dividend payout ratio (DPR) is presently -572.22%.

Insider Activity

In other news, Director Carol N. Brown sold 2,500 shares of the business’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $60.61, for a total transaction of $151,525.00. Following the completion of the sale, the director directly owned 937 shares of the company’s stock, valued at $56,791.57. The trade was a 72.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans grew its position in SL Green Realty by 1.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 52,220 shares of the real estate investment trust’s stock worth $3,232,000 after purchasing an additional 776 shares during the last quarter. Caxton Associates LLP lifted its stake in shares of SL Green Realty by 33.1% during the 2nd quarter. Caxton Associates LLP now owns 10,967 shares of the real estate investment trust’s stock worth $679,000 after buying an additional 2,727 shares during the last quarter. Public Sector Pension Investment Board raised its stake in SL Green Realty by 9.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 242,131 shares of the real estate investment trust’s stock worth $14,988,000 after purchasing an additional 19,993 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of SL Green Realty by 437.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,182 shares of the real estate investment trust’s stock valued at $568,000 after purchasing an additional 7,474 shares during the last quarter. Finally, Corient Private Wealth LLC grew its holdings in SL Green Realty by 44.8% during the 2nd quarter. Corient Private Wealth LLC now owns 13,409 shares of the real estate investment trust’s stock worth $830,000 after acquiring an additional 4,151 shares during the last quarter. Hedge funds and other 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.