Insider Selling: SL Green Realty Corporation (NYSE:SLG) Director Sells 2,500 Shares of Stock

SL Green Realty Corporation (NYSE:SLG - Get Free Report) Director Carol N. Brown sold 2,500 shares of the company's stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

SL Green Realty Price Performance

SLG stock traded down $1.11 during mid-day trading on Friday, reaching $60.19. 1,475,311 shares of the company traded hands, compared to its average volume of 891,614. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.85 and a quick ratio of 2.85. The company has a market capitalization of $4.29 billion, a P/E ratio of -111.46 and a beta of 1.65. SL Green Realty Corporation has a 52-week low of $45.15 and a 52-week high of $82.81. The company has a fifty day moving average price of $60.99 and a 200-day moving average price of $60.32.

SL Green Realty (NYSE:SLG - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $171.24 million. During the same quarter in the previous year, the firm earned $2.05 earnings per share. SL Green Realty's revenue was up 8.6% on a year-over-year basis. As a group, analysts anticipate that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.2575 per share. This represents a $1.03 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Monday, June 30th. SL Green Realty's payout ratio is -572.22%.

Institutional Trading of SL Green Realty

Several hedge funds and other institutional investors have recently bought and sold shares of SLG. Vanguard Group Inc. raised its holdings in shares of SL Green Realty by 2.6% during the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock valued at $641,238,000 after acquiring an additional 283,009 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of SL Green Realty by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust's stock valued at $119,001,000 after acquiring an additional 110,594 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of SL Green Realty by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust's stock valued at $97,851,000 after acquiring an additional 130,206 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in shares of SL Green Realty by 3.0% during the fourth quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust's stock valued at $111,179,000 after acquiring an additional 46,988 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of SL Green Realty by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,554,977 shares of the real estate investment trust's stock valued at $89,722,000 after acquiring an additional 126,969 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SLG shares. Piper Sandler decreased their price target on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Barclays lowered their price target on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. JPMorgan Chase & Co. cut their target price on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Finally, Wells Fargo & Company dropped their price target on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Monday, May 19th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $65.60.

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.

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