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

Key Points

• Shares of SL Green Realty gapped down from a previous close of $61.99 to open at $60.00, indicating potential selling pressure.
• Analysts have mixed views on SL Green, with target price adjustments from various brokerages, resulting in an average target price of $67.29 with a "Hold" rating.
• The company recently announced a dividend of $0.2575 per share, reflecting a significant dividend yield of 543.0%, despite a negative payout ratio.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $61.99, but opened at $60.00. SL Green Realty shares last traded at $60.16, with a volume of 272,531 shares changing hands.

Analyst Ratings Changes

A number of research firms recently commented on SLG. Evercore ISI dropped their target price on shares of SL Green Realty from $74.00 to $73.00 and set an "outperform" rating on the stock in a research report on Monday, August 18th. JPMorgan Chase & Co. lowered their price objective on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 9th. Scotiabank raised shares of SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 price objective on the stock in a research report on Friday, July 25th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a research report on Friday, May 23rd. Finally, Citigroup raised shares of SL Green Realty from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $65.00 to $70.00 in a research report on Friday. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $67.57.

SL Green Realty Trading Up 3.8%

The firm has a market cap of $4.69 billion, a PE ratio of -121.68 and a beta of 1.74. The company's fifty day moving average price is $58.39 and its two-hundred day moving average price is $58.07. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.26. The business had revenue of $147.54 million for the quarter, compared to the consensus estimate of $171.24 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The business's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.05 earnings per share. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. As a group, sell-side analysts forecast 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 disclosed a aug 25 dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $0.2575 dividend. The ex-dividend date is Friday, August 29th. This represents a dividend yield of 543.0%. SL Green Realty's dividend payout ratio (DPR) is -572.22%.

Insider Activity at SL Green Realty

In related news, Director Carol N. Brown sold 937 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $63.09, for a total value of $59,115.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.04% of the stock is owned by company insiders.

Institutional Trading of SL Green Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Louisiana State Employees Retirement System lifted its stake in shares of SL Green Realty by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 33,200 shares of the real estate investment trust's stock valued at $2,055,000 after purchasing an additional 200 shares during the period. MAI Capital Management lifted its stake in shares of SL Green Realty by 25.9% in the second quarter. MAI Capital Management now owns 988 shares of the real estate investment trust's stock valued at $61,000 after purchasing an additional 203 shares during the period. Amalgamated Bank lifted its stake in shares of SL Green Realty by 1.2% in the second quarter. Amalgamated Bank now owns 20,245 shares of the real estate investment trust's stock valued at $1,253,000 after purchasing an additional 235 shares during the period. Mackenzie Financial Corp lifted its stake in shares of SL Green Realty by 4.7% in the first quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust's stock valued at $307,000 after purchasing an additional 240 shares during the period. Finally, Nissay Asset Management Corp Japan ADV lifted its stake in shares of SL Green Realty by 2.5% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 10,257 shares of the real estate investment trust's stock valued at $592,000 after purchasing an additional 247 shares during the period. Institutional investors and hedge funds 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.