SL Green Realty (NYSE:SLG) Hits New 52-Week Low – Should You Sell?

SL Green Realty Corporation (NYSE:SLG) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $35.02 and last traded at $35.2770, with a volume of 481367 shares changing hands. The stock had previously closed at $36.65.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SLG shares. BTIG Research decreased their target price on SL Green Realty from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, February 5th. The Goldman Sachs Group set a $37.00 price objective on SL Green Realty and gave the company a “sell” rating in a report on Friday, February 6th. Citigroup decreased their price objective on SL Green Realty from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday. Truist Financial set a $44.00 target price on SL Green Realty in a research report on Tuesday, February 3rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of SL Green Realty from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, January 14th. Eight research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $52.30.

SL Green Realty Trading Down 4.5%

The company has a market cap of $2.50 billion, a P/E ratio of -21.75 and a beta of 1.66. The business’s 50-day moving average price is $40.75 and its 200 day moving average price is $47.71. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.66 and a current ratio of 2.66.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03. The business had revenue of $159.82 million during the quarter, compared to analysts’ expectations of $162.73 million. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.SL Green Realty’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company posted $1.81 earnings per share. As a group, analysts expect that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.6175 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $2.47 dividend on an annualized basis and a dividend yield of 7.1%. SL Green Realty’s payout ratio is presently -144.10%.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings in SL Green Realty by 74.8% in the 1st quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock valued at $1,519,000 after acquiring an additional 11,506 shares during the period. United Services Automobile Association bought a new position in shares of SL Green Realty during the first quarter worth approximately $253,000. Empowered Funds LLC lifted its holdings in SL Green Realty by 10.9% during the 1st quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock worth $425,000 after purchasing an additional 722 shares during the last quarter. Creative Planning acquired a new stake in SL Green Realty during the 2nd quarter worth approximately $421,000. Finally, MAI Capital Management boosted its stake in SL Green Realty by 25.9% in the 2nd quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock valued at $61,000 after purchasing an additional 203 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.