SL Green Realty (NYSE:SLG) Sees Strong Trading Volume – Here’s What Happened

SL Green Realty Corp. (NYSE:SLG) shares saw unusually-strong trading volume on Friday . Approximately 1,084,253 shares traded hands during mid-day trading, an increase of 13% from the previous session’s volume of 955,654 shares.The stock last traded at $80.40 and had previously closed at $79.15.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SLG. Morgan Stanley raised their target price on shares of SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 9th. Scotiabank lifted their price objective on SL Green Realty from $68.00 to $80.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. Evercore ISI increased their target price on SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Piper Sandler reissued an “overweight” rating and set a $90.00 price objective (up previously from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Finally, Compass Point set a $65.00 target price on shares of SL Green Realty and gave the company a “neutral” rating in a report on Friday, October 18th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $65.57.

SL Green Realty Stock Up 0.8 %

The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market cap of $5.26 billion, a price-to-earnings ratio of -31.66, a price-to-earnings-growth ratio of 2.05 and a beta of 1.82. The firm’s 50-day moving average is $73.69 and its 200 day moving average is $63.99.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The firm had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same quarter in the previous year, the business posted $1.27 EPS. Sell-side analysts anticipate that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.00 dividend on an annualized basis and a yield of 3.76%. SL Green Realty’s dividend payout ratio (DPR) is -120.00%.

Institutional Investors Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in SL Green Realty by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock worth $572,524,000 after acquiring an additional 60,032 shares during the period. Wellington Management Group LLP grew its holdings in SL Green Realty by 50.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock valued at $202,777,000 after purchasing an additional 977,321 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in SL Green Realty by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock worth $88,275,000 after buying an additional 97,653 shares during the period. Dimensional Fund Advisors LP lifted its holdings in SL Green Realty by 9.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after buying an additional 88,309 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of SL Green Realty by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock valued at $45,906,000 after acquiring an additional 14,167 shares in the last quarter. 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.