SL Green Realty (NYSE:SLG) Stock Price Down 4.7% - Here's Why

Key Points

• SL Green Realty's share price dropped 4.7% to $62.60, with about 924,972 shares traded, matching its recent trends in share volume.
• Recent analyst ratings reflect mixed sentiment; while Evercore ISI raised the target price to $76.00 with an "outperform" rating, Wall Street Zen downgraded it from "hold" to "sell."
• SL Green Realty reported an EPS of $1.63 for the last quarter, exceeding estimates, but still showed a negative net margin and a debt-to-equity ratio of 0.98.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) shares fell 4.7% during trading on Wednesday . The company traded as low as $60.62 and last traded at $62.60. 924,972 shares changed hands during mid-day trading, an increase of 0% from the average session volume of 923,319 shares. The stock had previously closed at $65.67.

Analyst Upgrades and Downgrades

SLG has been the topic of a number of analyst reports. JPMorgan Chase & Co. reduced their price target on 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 upgraded SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 price objective for the company in a report on Friday, July 25th. Truist Financial boosted their price target on shares of SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a report on Friday, July 18th. Evercore ISI lifted their price objective on shares of SL Green Realty from $73.00 to $76.00 and gave the company an "outperform" rating in a research note on Monday, September 15th. Finally, Citigroup raised shares of SL Green Realty from a "neutral" rating to a "buy" rating and raised their price target for the company from $65.00 to $70.00 in a report on Friday, September 12th. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $67.79.

SL Green Realty Stock Down 2.4%

The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.72 and a current ratio of 2.72. The company has a market capitalization of $4.39 billion, a PE ratio of -113.92 and a beta of 1.74. The company's fifty day moving average is $58.48 and its 200-day moving average is $58.02.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its quarterly 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. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The business had revenue of $147.54 million for the quarter, compared to the consensus estimate of $171.24 million. During the same quarter in the previous year, the firm earned $2.05 earnings per share. The company's revenue for the quarter was up 8.6% on a year-over-year basis. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. As a group, analysts predict that SL Green Realty Corporation will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently declared a sep 25 dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.2575 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a yield of 502.0%. SL Green Realty's dividend payout ratio (DPR) is currently -572.22%.

Insider Transactions at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 937 shares of SL Green Realty stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $63.09, for a total transaction of $59,115.33. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.04% of the company's stock.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System increased its stake in 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 last quarter. MAI Capital Management grew its position in shares of SL Green Realty by 25.9% during the second quarter. MAI Capital Management now owns 988 shares of the real estate investment trust's stock worth $61,000 after acquiring an additional 203 shares during the last quarter. Amalgamated Bank grew its position in shares of SL Green Realty by 1.2% during the second quarter. Amalgamated Bank now owns 20,245 shares of the real estate investment trust's stock worth $1,253,000 after acquiring an additional 235 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of SL Green Realty by 4.7% during the first quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust's stock worth $307,000 after acquiring an additional 240 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV grew its position in shares of SL Green Realty by 2.5% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 10,257 shares of the real estate investment trust's stock worth $592,000 after acquiring an additional 247 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other 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.