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

SL Green Realty Corporation (NYSE:SLG) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $39.24 and last traded at $38.5560, with a volume of 197816 shares changing hands. The stock had previously closed at $40.49.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on SLG shares. BMO Capital Markets lowered their price target on SL Green Realty from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 8th. LADENBURG THALM/SH SH lowered their target price on SL Green Realty from $60.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, December 18th. Wells Fargo & Company cut their price target on shares of SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. Truist Financial set a $44.00 price objective on shares of SL Green Realty in a report on Tuesday, February 3rd. Finally, Morgan Stanley set a $43.00 target price on shares of SL Green Realty in a report on Thursday, January 29th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, SL Green Realty has an average rating of “Hold” and a consensus price target of $54.30.

SL Green Realty Stock Performance

The stock’s 50-day simple moving average is $45.39 and its 200 day simple moving average is $51.50. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.22 and a current ratio of 2.66. The company has a market capitalization of $2.71 billion, a PE ratio of -23.53 and a beta of 1.63.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03. SL Green Realty had a negative net margin of 9.66% and a negative return on equity of 2.44%. The firm had revenue of $159.82 million during the quarter, compared to the consensus estimate of $162.73 million. During the same quarter in the previous year, the firm posted $1.81 earnings per share. The company’s revenue was up 14.5% compared to the same quarter last year. As a group, research analysts expect that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were paid a $0.2575 dividend. This represents a c) annualized dividend and a yield of 8.1%. The ex-dividend date was Friday, November 28th. SL Green Realty’s dividend payout ratio is currently -191.93%.

Insider Activity

In other news, insider Andrew S. Levine sold 1,493 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.27, for a total transaction of $67,588.11. Following the transaction, the insider directly owned 7,045 shares in the company, valued at approximately $318,927.15. This trade represents a 17.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Marc Holliday sold 22,223 shares of the company’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total transaction of $986,701.20. Following the completion of the sale, the chief executive officer owned 9,698 shares of the company’s stock, valued at approximately $430,591.20. This trade represents a 69.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. State Street Corp raised its stake in SL Green Realty by 1.0% during the 2nd quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust’s stock valued at $264,636,000 after acquiring an additional 41,873 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of SL Green Realty by 62.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock worth $133,862,000 after purchasing an additional 1,117,357 shares during the period. Geode Capital Management LLC grew its position in SL Green Realty by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 1,833,682 shares of the real estate investment trust’s stock valued at $113,518,000 after buying an additional 6,690 shares during the last quarter. Prudential Financial Inc. increased its stake in SL Green Realty by 104.1% in the 2nd quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust’s stock valued at $100,439,000 after buying an additional 827,407 shares during the period. Finally, Northern Trust Corp raised its position in SL Green Realty by 3.7% during the 3rd quarter. Northern Trust Corp now owns 1,543,987 shares of the real estate investment trust’s stock worth $92,346,000 after buying an additional 54,890 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.