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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Truist Financial cut their price target on SL Green Realty from $62.00 to $54.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Wall Street Zen downgraded shares of SL Green Realty from a "hold" rating to a "sell" rating in a report on Saturday, May 24th. Piper Sandler lowered their target price 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. Scotiabank reduced their price target 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. Finally, Evercore ISI raised SL Green Realty from an "in-line" rating to an "outperform" rating and lowered their price objective for the company from $74.00 to $73.00 in a research report on Monday, March 17th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $66.33.

SL Green Realty Price Performance

The company has a market cap of $4.41 billion, a price-to-earnings ratio of -147.45 and a beta of 1.66. The company's 50-day simple moving average is $57.93 and its 200-day simple moving average is $61.26. 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 posted its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.27 by $0.13. SL Green Realty had a negative net margin of 1.30% and a negative return on equity of 0.98%. The company had revenue of $144.52 million during the quarter, compared to analysts' expectations of $158.44 million. On average, equities research analysts anticipate that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

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

Institutional Trading of SL Green Realty

Several institutional investors have recently added to or reduced their stakes in the stock. Nuveen LLC bought a new stake in shares of SL Green Realty in the 1st quarter worth about $87,878,000. Norges Bank bought a new stake in SL Green Realty in the fourth quarter valued at about $48,050,000. Northern Trust Corp raised its stake 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 buying an additional 634,788 shares in the last quarter. Vanguard Group Inc. lifted its holdings in SL Green Realty by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust's stock worth $735,594,000 after buying an additional 564,822 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in shares of SL Green Realty in the 4th quarter worth approximately $29,000,000. 89.96% of the stock is owned by institutional investors and hedge funds.

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.

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