SL Green Realty (NYSE:SLG) Shares Gap Down - What's Next?

SL Green Realty Corporation (NYSE:SLG - Get Free Report) gapped down prior to trading 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 traded.

Analyst Ratings Changes

Several research firms have issued reports on SLG. Evercore ISI upgraded shares of SL Green Realty from an "in-line" rating to an "outperform" rating and lowered their target price for the company from $74.00 to $73.00 in a research note on Monday, March 17th. Truist Financial lowered their target price on shares of SL Green Realty from $62.00 to $54.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. Morgan Stanley upped their target price on shares of SL Green Realty from $52.00 to $55.00 and gave the company an "equal weight" rating in a research note on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Finally, Scotiabank decreased their target price on shares of SL Green Realty from $81.00 to $75.00 and set a "sector perform" rating for the company in a research note on Friday, February 28th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $66.33.

SL Green Realty Stock Performance

The stock has a market cap of $4.41 billion, a P/E ratio of -147.34 and a beta of 1.66. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.85 and a current ratio of 2.85. The business's 50-day moving average price is $58.60 and its 200-day moving average price is $61.05.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.13. The company had revenue of $144.52 million during the quarter, compared to the consensus estimate 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 expect that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.2575 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.03 annualized dividend and a yield of 1.66%. SL Green Realty's payout ratio is -735.71%.

Institutional Investors Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of SLG. Vanguard Group Inc. boosted its stake in SL Green Realty by 2.6% during the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock valued at $641,238,000 after buying an additional 283,009 shares during the last quarter. Geode Capital Management LLC boosted its stake in SL Green Realty by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust's stock valued at $119,001,000 after buying an additional 110,594 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in SL Green Realty by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust's stock valued at $97,851,000 after buying an additional 130,206 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in SL Green Realty by 3.0% during the fourth quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust's stock valued at $111,179,000 after buying an additional 46,988 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in SL Green Realty by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,554,977 shares of the real estate investment trust's stock valued at $89,722,000 after buying an additional 126,969 shares during the last quarter. Institutional investors own 89.96% of the company's stock.

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.