SL Green Realty (NYSE:SLG) Hits New 12-Month Low - Here's Why

Key Points

• SL Green hit a new 52-week low, trading as low as $35.02 and last around $35.28 (down roughly 4.5%), with a market cap of about $2.5 billion and the 50-/200-day moving averages at $40.75 and $47.71 respectively.
• Analyst sentiment is mixed: the consensus is a "Hold" with a $52.30 price target, split across 8 Buys, 8 Holds and 2 Sells, and several recent price-target cuts from firms including BTIG and Barclays.
• SL Green pays a quarterly dividend of $0.6175 (annualized $2.47, a 7.1% yield) but has a negative payout ratio (−144%) and reported negative net margin (−9.66%) and ROE (−2.44%) despite a slight EPS beat last quarter and 14.5% YoY revenue growth.

Shares of SL Green Realty Corporation (NYSE:SLG - Get Free Report) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $35.02 and last traded at $35.2770, with a volume of 481367 shares trading hands. The stock had previously closed at $36.65.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Raymond James Financial set a $44.00 price target on shares of SL Green Realty in a research report on Tuesday, February 3rd. Truist Financial set a $44.00 price objective on shares of SL Green Realty in a research report on Tuesday, February 3rd. BTIG Research decreased their target price on shares of SL Green Realty from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Thursday, February 5th. Barclays reduced their price objective on shares of SL Green Realty from $54.00 to $43.00 and set an "equal weight" rating for the company in a report on Thursday, February 26th. Finally, Mizuho set a $38.00 price target on SL Green Realty and gave the company a "neutral" rating in a research report on Tuesday, February 24th. Eight investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $52.30.

SL Green Realty Trading Down 4.5%

The firm has a market capitalization of $2.50 billion, a P/E ratio of -21.75 and a beta of 1.66. The company's fifty day moving average is $40.75 and its 200-day moving average is $47.71. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 1.05.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, topping the consensus estimate of $1.10 by $0.03. The business had revenue of $159.82 million during the quarter, compared to the consensus estimate of $162.73 million. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.SL Green Realty's revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company earned $1.81 EPS. As a group, sell-side analysts anticipate that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.6175 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $2.47 dividend on an annualized basis and a dividend yield of 7.1%. SL Green Realty's payout ratio is currently -144.10%.

Hedge Funds Weigh In On SL Green Realty

Large investors have recently made changes to their positions in the company. State Street Corp raised its holdings in SL Green Realty by 1.0% during the 2nd quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust's stock worth $264,636,000 after purchasing an additional 41,873 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in SL Green Realty by 25.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 3,041,226 shares of the real estate investment trust's stock valued at $139,501,000 after buying an additional 617,488 shares during the period. Goldman Sachs Group Inc. boosted its stake in SL Green Realty by 62.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust's stock valued at $133,862,000 after acquiring an additional 1,117,357 shares during the last quarter. Cohen & Steers Inc. bought a new stake in shares of SL Green Realty during the 4th quarter valued at $121,675,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of SL Green Realty by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,561,121 shares of the real estate investment trust's stock worth $71,609,000 after purchasing an additional 32,779 shares during the period. Institutional investors and hedge funds own 89.96% of the company's stock.

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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