SL Green Realty (NYSE:SLG) Shares Gap Up – Still a Buy?

SL Green Realty Corporation (NYSE:SLG)’s stock price gapped up prior to trading on Friday. The stock had previously closed at $46.68, but opened at $49.21. SL Green Realty shares last traded at $48.7550, with a volume of 22,045 shares changing hands.

More SL Green Realty News

Here are the key news stories impacting SL Green Realty this week:

• Positive Sentiment: 2026 guidance raised well above consensus. SL Green increased its 2026 FFO-per-share outlook to $6.50–$6.70, compared with the consensus estimate of $5.69. Net income guidance was also raised to $0.40–$0.60 per share. The company indicated that incremental income, including a property sale, contributed to the stronger outlook. SL Green Realty increases earnings guidance
• Positive Sentiment: Leasing momentum improved. SL Green signed 38 Manhattan office leases covering 591,108 square feet in the third quarter, while same-store office occupancy reached 95% including signed leases that have not yet commenced. This supports management’s view that demand for high-quality Manhattan office space is strengthening. SL Green reports third-quarter results and raises guidance
• Positive Sentiment: Quarterly earnings benefited from asset sales. Third-quarter net income attributable to common shareholders rose to $72.2 million, or $1.01 per share, from $24.9 million, or $0.34 per share a year earlier. SL Green also completed the sale of 10 East 53rd Street for $312.2 million and contracted to sell 110 Greene Street for $226 million, with proceeds improving liquidity and supporting debt management.
• Neutral Sentiment: Underlying FFO was largely steady. Third-quarter FFO was $1.59 per share, essentially matching the $1.58 reported a year earlier and consensus expectations. Revenue increased year over year, but reported results were mixed relative to analyst estimates, making the guidance increase the primary market focus. SL Green matches third-quarter FFO estimates
• Negative Sentiment: Analyst sentiment weakened. Zacks Research downgraded SL Green from “strong buy” to “hold,” following a recent “hold” rating from J.P. Morgan. The higher earnings outlook also depends partly on potentially nonrecurring property-sale gains, which could make future operating performance less robust than the headline guidance suggests.

Analyst Upgrades and Downgrades

SLG has been the topic of a number of research analyst reports. Wall Street Zen raised SL Green Realty from a “strong sell” rating to a “sell” rating in a report on Saturday, September 5th. UBS Group set a $60.00 price objective on shares of SL Green Realty in a research report on Monday, July 27th. Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a research note on Tuesday, August 25th. Piper Sandler set a $64.00 target price on shares of SL Green Realty and gave the company an “overweight” rating in a research report on Monday, October 12th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $60.00 target price (up from $52.00) on shares of SL Green Realty in a research note on Monday, July 27th. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $55.15.

SL Green Realty Stock Performance

The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. The stock’s 50 day moving average price is $52.16 and its 200 day moving average price is $49.29. The company has a market capitalization of $3.54 billion, a P/E ratio of -18.18, a price-to-earnings-growth ratio of 3.80 and a beta of 1.66.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $1.26. SL Green Realty had a negative return on equity of 3.19% and a negative net margin of 12.03%. The firm had revenue of $165.55 million for the quarter, compared to analysts’ expectations of $176.97 million. During the same period in the prior year, the business earned $1.58 EPS. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts expect that SL Green Realty Corporation will post 5.68 EPS for the current year.

SL Green Realty Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $0.6175 per share. The ex-dividend date was Wednesday, September 30th. This represents a $2.47 annualized dividend and a yield of 5.0%. SL Green Realty’s dividend payout ratio is -90.48%.

Insider Activity at SL Green Realty

In related news, insider Harrison Sitomer sold 23,113 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the transaction, the insider directly owned 109,468 shares of the company’s stock, valued at $6,317,398.28. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in SL Green Realty during the second quarter valued at $706,881,000. Deutsche Bank AG bought a new position in shares of SL Green Realty during the 2nd quarter worth $58,202,000. Bank of New York Mellon Corp bought a new position in shares of SL Green Realty during the 2nd quarter worth $42,277,000. Bank of America Corp DE grew its stake in shares of SL Green Realty by 226.6% during the 1st quarter. Bank of America Corp DE now owns 744,053 shares of the real estate investment trust’s stock worth $27,485,000 after acquiring an additional 516,242 shares during the period. Finally, Legal & General Group Plc purchased a new stake in SL Green Realty in the 2nd quarter worth about $27,344,000. 89.96% of the stock is owned by institutional investors.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.