SL Green Realty (NYSE:SLG) Share Price Crosses Above Fifty Day Moving Average - Here's Why

Key Points

• SL Green shares moved above their 50-day moving average, trading as high as $54.04 and last at $53.816, versus a 50-day average of $50.91.
• Analyst views remain mixed: the consensus rating is Hold, with an average price target of $54.35; six analysts rate the stock Buy, nine Hold, and two Sell.
• The REIT reported quarterly EPS of $1.01, well above the consensus estimate of a $0.25 loss, while revenue of $165.55 million fell short of expectations but rose 10.6% year over year.

Shares of SL Green Realty Corporation (NYSE:SLG - Get Free Report) crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $50.91 and traded as high as $54.04. SL Green Realty shares last traded at $53.8160, with a volume of 1,373,345 shares traded.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Evercore set a $60.00 price objective on SL Green Realty in a report on Monday, September 21st. Truist Financial decreased their target price on SL Green Realty from $57.00 to $48.00 and set a "hold" rating for the company in a research report on Tuesday, October 27th. BMO Capital Markets reiterated an "outperform" rating and issued a $60.00 price target (up from $52.00) on shares of SL Green Realty in a report on Monday, July 27th. Citigroup reissued a "buy" rating and set a $60.00 price target (up from $45.00) on shares of SL Green Realty in a research report on Friday, July 24th. Finally, Zacks Research downgraded shares of SL Green Realty from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 21st. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $54.35.

SL Green Realty Stock Performance

The stock has a market capitalization of $3.83 billion, a P/E ratio of -26.12, a P/E/G ratio of 3.63 and a beta of 1.71. The stock has a 50 day moving average of $50.91 and a 200 day moving average of $46.90. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.10 and a current ratio of 2.92.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 EPS for the quarter, topping the consensus estimate of ($0.25) by $1.26. The business had revenue of $165.55 million during the quarter, compared to analyst estimates of $176.97 million. SL Green Realty had a negative net margin of 12.03% and a negative return on equity of 3.18%. The company's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.58 earnings per share. Equities analysts predict that SL Green Realty Corporation will post 6.29 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a $0.6175 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $2.47 annualized dividend and a yield of 4.6%. SL Green Realty's dividend payout ratio is -119.90%.

Insider Activity at SL Green Realty

In other news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the sale, the insider owned 109,468 shares of the company's stock, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 5.94% of the company's stock.

Hedge Funds Weigh In On SL Green Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fulcrum Asset Management LLP grew its stake in shares of SL Green Realty by 7,209.1% in the 3rd quarter. Fulcrum Asset Management LLP now owns 1,608 shares of the real estate investment trust's stock worth $79,000 after purchasing an additional 1,586 shares during the last quarter. Ethic Inc. lifted its stake in SL Green Realty by 67.3% during the third quarter. Ethic Inc. now owns 16,976 shares of the real estate investment trust's stock valued at $830,000 after purchasing an additional 6,826 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in SL Green Realty during the third quarter worth approximately $359,000. State of Wyoming acquired a new position in SL Green Realty in the third quarter worth approximately $65,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in SL Green Realty by 358.1% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 59,100 shares of the real estate investment trust's stock worth $2,891,000 after buying an additional 46,200 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

SL Green Realty Company Profile

SL Green Realty Corp. NYSE: SLG is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City's prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.

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