Harrison Sitomer Sells 16,887 Shares of SL Green Realty (NYSE:SLG) Stock

Key Points

• Insider selling: Harrison Sitomer sold 16,887 SL Green Realty shares at an average price of $58.52, worth approximately $988,227, reducing his holdings by 11.3%. He also sold an additional 23,113 shares the following day for about $1.33 million.
• Operating performance: SL Green reported quarterly revenue of $264 million, up 16.5% year over year, and an EPS loss of $0.38 that beat analyst expectations of a $0.59 loss.
• Stock and outlook: Shares recently traded near $58.58, while analysts hold a consensus “Hold” rating with an average price target of $55.70. The REIT pays a quarterly dividend of $0.6175 per share, equivalent to a 4.2% yield.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) insider Harrison Sitomer sold 16,887 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $58.52, for a total value of $988,227.24. Following the sale, the insider owned 132,581 shares of the company's stock, valued at $7,758,640.12. This represents a 11.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Harrison Sitomer also recently made the following trade(s):

• On Friday, August 21st, Harrison Sitomer sold 23,113 shares of SL Green Realty stock. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23.

SL Green Realty Price Performance

NYSE SLG traded up $1.13 during trading hours on Monday, reaching $58.58. The company's stock had a trading volume of 871,897 shares, compared to its average volume of 1,233,333. SL Green Realty Corporation has a 1 year low of $34.77 and a 1 year high of $66.29. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of -21.46, a PEG ratio of 2.52 and a beta of 1.58. The firm's 50-day moving average price is $52.76 and its 200-day moving average price is $45.34.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.59) by $0.21. The business had revenue of $264.00 million during the quarter, compared to analyst estimates of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The company's revenue was up 16.5% on a year-over-year basis. During the same period last year, the firm posted $1.63 EPS. On average, equities research analysts predict that SL Green Realty Corporation will post 5.44 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.6175 per share. This represents a $2.47 annualized dividend and a yield of 4.2%. The ex-dividend date was Tuesday, June 30th. SL Green Realty's dividend payout ratio (DPR) is currently -90.48%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SLG shares. Evercore lowered shares of SL Green Realty from an "outperform" rating to an "in-line" rating and set a $56.00 target price for the company. in a report on Monday, July 6th. BMO Capital Markets reaffirmed an "outperform" rating and set a $60.00 price target (up from $52.00) on shares of SL Green Realty in a research note on Monday, July 27th. Piper Sandler set a $79.00 price objective on shares of SL Green Realty and gave the company an "overweight" rating in a research report on Friday, July 24th. Morgan Stanley set a $52.00 target price on shares of SL Green Realty and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Finally, Truist Financial set a $57.00 price target on shares of SL Green Realty and gave the company a "hold" rating in a report on Monday. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, SL Green Realty has an average rating of "Hold" and an average target price of $55.70.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Levin Capital Strategies L.P. bought a new stake in SL Green Realty during the 4th quarter valued at about $3,588,000. Hosking Partners LLP grew its stake in SL Green Realty by 18.5% in the 4th quarter. Hosking Partners LLP now owns 290,166 shares of the real estate investment trust's stock worth $13,310,000 after acquiring an additional 45,337 shares in the last quarter. Royal Bank of Canada increased its position in shares of SL Green Realty by 903.3% during the first quarter. Royal Bank of Canada now owns 142,614 shares of the real estate investment trust's stock worth $5,268,000 after acquiring an additional 128,400 shares during the period. Nan Fung Trinity HK Ltd. bought a new stake in shares of SL Green Realty during the fourth quarter valued at approximately $6,230,000. Finally, Bank of America Corp DE raised its stake in shares of SL Green Realty by 226.6% during the first quarter. Bank of America Corp DE now owns 744,053 shares of the real estate investment trust's stock valued at $27,485,000 after acquiring an additional 516,242 shares in the last quarter. Institutional investors own 89.96% of the company's stock.

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.

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