SL Green Realty (NYSE:SLG) Insider Sells $1,333,851.23 in Stock

Key Points

• Insider selling: Harrison Sitomer sold 23,113 SL Green Realty shares for approximately $1.33 million at an average price of $57.71, reducing his direct ownership by 17.43%. He also sold 16,887 shares the previous day for about $988,227.
• Market and financial performance: SL Green shares traded up 2% to $58.58, while the REIT reported quarterly revenue of $264 million and an adjusted loss of $0.38 per share, beating analyst expectations.
• Dividend and analyst outlook: The company pays an annualized dividend of $2.47 per share, yielding about 4.2%. Analysts maintain a consensus “Hold” rating with an average price target of $55.70.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction on Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the sale, the insider directly owned 109,468 shares of the company's stock, valued at approximately $6,317,398.28. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Thursday, August 20th, Harrison Sitomer sold 16,887 shares of SL Green Realty stock. The shares were sold at an average price of $58.52, for a total transaction of $988,227.24.

SL Green Realty Trading Up 2.0%

SL Green Realty stock traded up $1.13 during midday trading on Monday, hitting $58.58. 871,897 shares of the stock were exchanged, compared to its average volume of 1,233,333. The stock has a market capitalization of $4.17 billion, a PE ratio of -21.46, a P/E/G ratio of 2.52 and a beta of 1.58. The company has a fifty day simple moving average of $52.76 and a two-hundred day simple moving average of $45.34. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. SL Green Realty Corporation has a 52 week low of $34.77 and a 52 week high of $66.29.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.21. The firm had revenue of $264.00 million during the quarter, compared to the consensus estimate 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 business's quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 earnings per share. Equities research analysts anticipate that SL Green Realty Corporation will post 5.44 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.6175 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.2%. SL Green Realty's dividend payout ratio is currently -90.48%.

Analysts Set New Price Targets

A number of research analysts have issued reports on SLG shares. UBS Group set a $60.00 target price on SL Green Realty in a research note on Monday, July 27th. Mizuho lifted their price objective on SL Green Realty from $38.00 to $46.00 and gave the company a "neutral" rating in a report on Tuesday, July 21st. Piper Sandler set a $79.00 target price on SL Green Realty and gave the stock an "overweight" rating in a research note on Friday, July 24th. Truist Financial set a $57.00 target price on shares of SL Green Realty and gave the stock a "hold" rating in a report on Monday. Finally, Barclays set a $52.00 price target on shares of SL Green Realty and gave the company an "equal weight" rating in a research note on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $55.70.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Triumph Capital Management acquired a new stake in SL Green Realty in the 3rd quarter valued at approximately $45,000. Global Retirement Partners LLC bought a new position in shares of SL Green Realty during the 2nd quarter worth approximately $53,000. Davis Capital Management acquired a new stake in shares of SL Green Realty in the first quarter valued at approximately $46,000. Fourth Dimension Wealth LLC raised its holdings in shares of SL Green Realty by 45.5% in the fourth quarter. Fourth Dimension Wealth LLC now owns 1,600 shares of the real estate investment trust's stock valued at $73,000 after purchasing an additional 500 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its position in shares of SL Green Realty by 30.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust's stock worth $74,000 after purchasing an additional 378 shares in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

About SL Green Realty

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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