SL Green Realty (NYSE:SLG) Stock Price Down 3.9% - Here's What Happened

SL Green Realty Corporation (NYSE:SLG - Get Free Report)'s share price traded down 3.9% on Tuesday . The stock traded as low as $61.67 and last traded at $60.82. 343,492 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 847,895 shares. The stock had previously closed at $63.26.

Analyst Ratings Changes

A number of research analysts have commented on SLG shares. Barclays reduced their target price on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Wells Fargo & Company decreased their price objective on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. Scotiabank lowered 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. Morgan Stanley raised their price target on shares of SL Green Realty from $52.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of SL Green Realty in a research report on Friday, May 23rd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $66.33.

SL Green Realty Price Performance

The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of -147.34 and a beta of 1.66. The business has a fifty day moving average price of $58.41 and a 200 day moving average price of $61.13. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.85 and a quick ratio of 2.85.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.13. The business had revenue of $144.52 million during the quarter, compared to analyst estimates of $158.44 million. SL Green Realty had a negative return on equity of 0.98% and a negative net margin of 1.30%. On average, research 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 business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors 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 dividend yield of 1.66%. The ex-dividend date of this dividend is Monday, June 30th. SL Green Realty's payout ratio is -735.71%.

Institutional Trading of SL Green Realty

A number of hedge funds have recently modified their holdings of SLG. Nuveen LLC acquired a new stake in shares of SL Green Realty during the 1st quarter valued at $87,878,000. Norges Bank purchased a new stake in shares of SL Green Realty during the fourth quarter worth $48,050,000. Northern Trust Corp boosted its position in SL Green Realty by 79.9% during the fourth quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust's stock valued at $97,101,000 after purchasing an additional 634,788 shares during the last quarter. Vanguard Group Inc. grew its stake in SL Green Realty by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust's stock valued at $735,594,000 after purchasing an additional 564,822 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in SL Green Realty in the 4th quarter worth about $29,000,000. Hedge funds and other institutional investors own 89.96% of the company's stock.

SL Green Realty Company Profile

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.