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Investors Buy Large Volume of Put Options on SL Green Realty (NYSE:SLG)

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Key Points

  • Traders have purchased a substantial volume of 16,553 put options for SL Green Realty, marking a significant increase of 909% over the average daily volume.
  • Recent analyst reports show a downgrade in price targets for SL Green Realty, with Wells Fargo lowering it from $69 to $58, while Scotiabank upgraded it to $71 from "sector perform" to "sector outperform."
  • The company will pay a dividend of $0.2575 per share on August 15, which represents a yield of 5.1%, with an ex-dividend date of July 31.
  • MarketBeat previews top five stocks to own in August.
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SL Green Realty Corporation (NYSE:SLG - Get Free Report) saw some unusual options trading activity on Monday. Stock investors bought 16,553 put options on the stock. This represents an increase of approximately 909% compared to the typical daily volume of 1,640 put options.

SL Green Realty Price Performance

Shares of NYSE:SLG traded up $0.54 on Tuesday, hitting $59.04. The company's stock had a trading volume of 47,387 shares, compared to its average volume of 926,132. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.85. The company has a market capitalization of $4.21 billion, a PE ratio of -108.90 and a beta of 1.65. The company has a 50-day simple moving average of $61.27 and a 200 day simple moving average of $59.93. SL Green Realty has a 1 year low of $45.15 and a 1 year high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.26. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. The business had revenue of $147.54 million for the quarter, compared to analyst estimates of $171.24 million. During the same period last year, the company earned $2.05 EPS. SL Green Realty's revenue for the quarter was up 8.6% compared to the same quarter last year. Sell-side analysts forecast that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently announced a jul 25 dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be paid a $0.2575 dividend. This represents a dividend yield of 5.1%. The ex-dividend date is Thursday, July 31st. SL Green Realty's payout ratio is presently -572.22%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SLG. Truist Financial upped their price target on SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a research report on Friday, July 18th. Piper Sandler cut their price objective on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Wall Street Zen downgraded SL Green Realty from a "hold" rating to a "sell" rating in a report on Saturday, May 24th. Scotiabank raised 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. Finally, JPMorgan Chase & Co. cut their price objective on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $65.60.

Read Our Latest Report on SLG

Insider Activity at SL Green Realty

In other news, Director Carol N. Brown sold 2,500 shares of the company's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the completion of the sale, the director directly owned 937 shares of the company's stock, valued at $56,791.57. This represents a 72.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 5.04% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SLG. Quadrant Capital Group LLC increased its holdings in shares of SL Green Realty by 37.4% in the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust's stock worth $52,000 after purchasing an additional 208 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of SL Green Realty in the 4th quarter worth $75,000. GF Fund Management CO. LTD. bought a new stake in shares of SL Green Realty in the 4th quarter worth $80,000. Summit Securities Group LLC bought a new stake in shares of SL Green Realty in the 4th quarter worth $88,000. Finally, FIL Ltd increased its holdings in shares of SL Green Realty by 53.3% in the 4th quarter. FIL Ltd now owns 1,582 shares of the real estate investment trust's stock worth $107,000 after purchasing an additional 550 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

About SL Green Realty

(Get Free Report)

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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