SL Green Realty (NYSE:SLG) Shares Cross Above 200 Day Moving Average - Should You Sell?

Key Points

• SL Green Realty shares crossed above their 200-day moving average, reaching $48.76 versus an average of $48.68. However, the stock remained below its 50-day moving average of $53.55.
• Analysts have a mixed view, with a consensus “Hold” rating and an average price target of $55.47. Recent target changes ranged from $46 to $61, while ratings include one Strong Buy, six Buys, nine Holds and two Sells.
• SL Green declared a quarterly dividend of $0.6175 per share, equivalent to a 5.1% annualized yield. The company’s latest quarter beat expectations on adjusted EPS and revenue, although it reported negative net margin and return on equity.

SL Green Realty Corporation (NYSE:SLG - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $48.68 and traded as high as $48.76. SL Green Realty shares last traded at $48.7410, with a volume of 567,573 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SLG shares. JPMorgan Chase & Co. raised their target price on SL Green Realty from $51.00 to $61.00 and gave the company a "neutral" rating in a report on Tuesday, August 25th. UBS Group set a $60.00 price target on SL Green Realty in a research report on Monday, July 27th. Scotiabank decreased their price target on SL Green Realty from $60.00 to $59.00 and set a "sector outperform" rating for the company in a research note on Thursday, September 17th. LADENBURG THALM/SH SH increased their price objective on SL Green Realty from $42.00 to $46.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Finally, Mizuho set a $53.00 price objective on SL Green Realty in a report on Tuesday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have given a Hold rating and two have 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 $55.47.

SL Green Realty Stock Performance

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 stock's 50-day moving average price is $53.55 and its 200 day moving average price is $48.68. The company has a market cap of $3.47 billion, a P/E ratio of -17.85, a price-to-earnings-growth ratio of 4.03 and a beta of 1.66.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its earnings results 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 for 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%. SL Green Realty's revenue was up 16.5% compared to the same quarter last year. During the same period last year, the business posted $1.63 EPS. As a group, research analysts expect that SL Green Realty Corporation will post 5.56 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.6175 dividend. This represents a $2.47 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Wednesday, September 30th. SL Green Realty's dividend payout ratio (DPR) is currently -90.48%.

Insider Activity at SL Green Realty

In related news, insider Harrison Sitomer sold 23,113 shares of the business's stock in a transaction dated 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.94% of the company's stock.

Institutional Trading of SL Green Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of SL Green Realty by 15,825.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 480,634 shares of the real estate investment trust's stock worth $24,882,000 after buying an additional 477,616 shares during the last quarter. Jupiter Topco LLC acquired a new position in shares of SL Green Realty during the second quarter valued at about $1,556,000. Hsbc Holdings PLC raised its position in shares of SL Green Realty by 15.0% during the second quarter. Hsbc Holdings PLC now owns 189,097 shares of the real estate investment trust's stock valued at $9,808,000 after buying an additional 24,699 shares during the last quarter. Squarepoint Ops LLC raised its position in shares of SL Green Realty by 66.5% during the second quarter. Squarepoint Ops LLC now owns 182,962 shares of the real estate investment trust's stock valued at $9,472,000 after buying an additional 73,042 shares during the last quarter. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of SL Green Realty in the second quarter valued at about $2,043,000. Institutional investors and hedge funds own 89.96% of the company's stock.

About SL Green Realty

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on owning, managing, acquiring, developing and redeveloping office and retail properties in Manhattan. The company's portfolio is concentrated in New York City, particularly in major commercial districts, and it serves office tenants, retailers and visitors through its managed properties and related amenities.

SL Green's activities include leasing commercial space, overseeing property operations and pursuing development and redevelopment projects.

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