SL Green Realty (NYSE:SLG) Shares Gap Down - Should You Sell?

Shares of SL Green Realty Corporation (NYSE:SLG - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $61.97, but opened at $59.70. SL Green Realty shares last traded at $60.28, with a volume of 461,535 shares trading hands.

Analysts Set New Price Targets

SLG has been the subject of a number of recent analyst reports. Piper Sandler decreased their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Wells Fargo & Company decreased their target price on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a research report on Monday, May 19th. Wall Street Zen downgraded SL Green Realty from a "hold" rating to a "sell" rating in a report on Saturday, May 24th. Barclays reduced their price objective on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Finally, Scotiabank lowered their target price on SL Green Realty from $81.00 to $75.00 and set a "sector perform" rating on the stock in a research note on Friday, February 28th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $66.33.

SL Green Realty Trading Down 5.9%

The company's fifty day moving average is $58.13 and its 200-day moving average is $61.26. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $4.16 billion, a P/E ratio of -138.79 and a beta of 1.66.

SL Green Realty (NYSE:SLG - Get Free Report) last released its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.13. The firm had revenue of $144.52 million during the quarter, compared to analyst estimates of $158.44 million. SL Green Realty had a negative net margin of 1.30% and a negative return on equity of 0.98%. 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Monday, June 30th. SL Green Realty's dividend payout ratio (DPR) is currently -735.71%.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently modified their holdings of SLG. Jones Financial Companies Lllp acquired a new position in SL Green Realty during the 4th quarter valued at $39,000. Quadrant Capital Group LLC raised its position in shares of SL Green Realty by 37.4% during the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust's stock valued at $52,000 after buying an additional 208 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of SL Green Realty during the fourth quarter valued at about $75,000. GF Fund Management CO. LTD. bought a new stake in shares of SL Green Realty in the fourth quarter valued at about $80,000. Finally, Summit Securities Group LLC acquired a new stake in SL Green Realty during the fourth quarter worth about $88,000. 89.96% of the stock is owned by institutional investors.

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.