SL Green Realty (NYSE:SLG) Sees Unusually-High Trading Volume – Should You Buy?

SL Green Realty Corp. (NYSE:SLG) saw unusually-high 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

SLG has been the subject of several recent analyst reports. Compass Point set a $65.00 target price on SL Green Realty and gave the stock a “neutral” rating in a research note on Friday, October 18th. Piper Sandler restated an “overweight” rating and issued a $90.00 price objective (up from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Evercore ISI increased their target price on shares of 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. The Goldman Sachs Group boosted their price target on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $87.00 price objective (up previously from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and an average target price of $65.57.

SL Green Realty Trading Up 0.8 %

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

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). The firm had revenue of $229.69 million for the quarter, compared to analysts’ expectations of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same period last year, the firm posted $1.27 earnings per share. On average, research analysts predict that SL Green Realty Corp. will post 7.61 EPS 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 issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date of this dividend is Friday, November 29th. SL Green Realty’s dividend payout ratio (DPR) is -120.00%.

Institutional Trading of SL Green Realty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLG. DekaBank Deutsche Girozentrale lifted its stake in SL Green Realty by 18.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 67,923 shares of the real estate investment trust’s stock valued at $3,665,000 after buying an additional 10,704 shares during the last quarter. Edgestream Partners L.P. raised its holdings in shares of SL Green Realty by 40.1% in the second quarter. Edgestream Partners L.P. now owns 122,880 shares of the real estate investment trust’s stock valued at $6,960,000 after buying an additional 35,178 shares during the last quarter. Swedbank AB purchased a new position in shares of SL Green Realty during the first quarter worth about $4,675,000. Waterfall Asset Management LLC acquired a new position in SL Green Realty in the 2nd quarter valued at about $3,172,000. Finally, Daiwa Securities Group Inc. raised its stake in SL Green Realty by 13.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 127,899 shares of the real estate investment trust’s stock valued at $7,244,000 after acquiring an additional 14,871 shares during the last quarter. Institutional investors and hedge funds 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.