SL Green Realty (NYSE:SLG) Shares Gap Down – Should You 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 Ratings Changes

A number of research firms have recently issued reports on SLG. Wells Fargo & Company dropped their target price on shares of SL Green Realty from $69.00 to $58.00 and set an “equal weight” rating for the company in a report on Monday, May 19th. Scotiabank lowered their price target on shares of 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. Evercore ISI raised shares of SL Green Realty from an “in-line” rating to an “outperform” rating and dropped their price objective for the company from $74.00 to $73.00 in a research note on Monday, March 17th. Piper Sandler cut their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Finally, Truist Financial lowered their target price on SL Green Realty from $62.00 to $54.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $66.33.

SL Green Realty Trading Up 3.7%

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

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.13. SL Green Realty had a negative return on equity of 0.98% and a negative net margin of 1.30%. The company had revenue of $144.52 million during the quarter, compared to analyst estimates of $158.44 million. On average, sell-side analysts forecast that SL Green Realty Corporation will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

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

Institutional Trading of SL Green Realty

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Nuveen LLC acquired a new stake in shares of SL Green Realty during the first quarter valued at about $87,878,000. Norges Bank acquired a new position in shares of SL Green Realty in the 4th quarter worth approximately $48,050,000. Northern Trust Corp boosted its position in shares of 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 purchasing an additional 634,788 shares during the period. Vanguard Group Inc. increased its holdings in SL Green Realty by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock valued at $735,594,000 after purchasing an additional 564,822 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in SL Green Realty in the 4th quarter valued at approximately $29,000,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

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.