SL Green Realty (NYSE:SLG) Sets New 52-Week Low – Time to Sell?

by · The Cerbat Gem

SL Green Realty Corporation (NYSE:SLG – Get Free Report)’s stock price hit a new 52-week low on Friday . The stock traded as low as $42.34 and last traded at $42.1640, with a volume of 671075 shares trading hands. The stock had previously closed at $43.69.

Analyst Upgrades and Downgrades

Several research analysts have commented on SLG shares. Bank of America dropped their price objective on shares of SL Green Realty from $64.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday, October 17th. Wells Fargo & Company decreased their price target on SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 27th. Barclays set a $59.00 target price on SL Green Realty in a research report on Monday, November 3rd. Scotiabank set a $66.00 price target on SL Green Realty and gave the company a “sector outperform” rating in a report on Friday, October 24th. Finally, Evercore ISI reduced their price objective on shares of SL Green Realty from $72.00 to $63.00 and set an “outperform” rating for the company in a research report on Monday, October 20th. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $63.67.

Read Our Latest Report on SL Green Realty

SL Green Realty Stock Performance

The company has a debt-to-equity ratio of 1.03, a quick ratio of 3.22 and a current ratio of 3.22. The stock has a market cap of $3.00 billion, a PE ratio of 4,182.18 and a beta of 1.61. The firm’s 50-day moving average is $51.65 and its 200 day moving average is $56.96.

SL Green Realty (NYSE:SLG – Get Free Report) last announced its earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. The business had revenue of $244.82 million during the quarter, compared to analysts’ expectations of $170.27 million. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.26 earnings per share. As a group, research analysts anticipate that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be issued a $0.2575 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a c) annualized dividend and a dividend yield of 7.4%. SL Green Realty’s payout ratio is presently 30,900.00%.

Insider Buying and Selling

In other SL Green Realty news, Director Carol N. Brown sold 937 shares of SL Green Realty stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 5.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Quent Capital LLC purchased a new position in shares of SL Green Realty in the 3rd quarter valued at about $27,000. Salomon & Ludwin LLC acquired a new stake in shares of SL Green Realty during the 3rd quarter valued at approximately $29,000. Whittier Trust Co. purchased a new stake in shares of SL Green Realty during the 3rd quarter worth approximately $29,000. Bessemer Group Inc. increased its stake in SL Green Realty by 67.8% in the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 253 shares in the last quarter. Finally, Triumph Capital Management purchased a new stake in SL Green Realty during the third quarter worth $45,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Company Profile

(Get Free Report)

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.

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