SL Green Realty (NYSE:SLG) Stock Crosses Above 200-Day Moving Average – What’s Next?

SL Green Realty Corporation (NYSE:SLG)’s stock price passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $48.68 and traded as high as $48.76. SL Green Realty shares last traded at $48.7410, with a volume of 567,573 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently weighed in on SLG shares. Wall Street Zen upgraded shares of SL Green Realty from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 5th. Evercore set a $60.00 price objective on shares of SL Green Realty in a research report on Monday, September 21st. Wells Fargo & Company set a $56.50 price target on SL Green Realty and gave the company an “equal weight” rating in a research report on Tuesday, September 1st. JPMorgan Chase & Co. boosted their target price on SL Green Realty from $51.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, August 25th. Finally, Morgan Stanley set a $52.00 price objective on shares of SL Green Realty and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $55.47.

SL Green Realty Stock Performance

The company has a debt-to-equity ratio of 1.05, a current ratio of 3.10 and a quick ratio of 3.10. The stock has a market cap of $3.27 billion, a PE ratio of -16.84, a P/E/G ratio of 4.07 and a beta of 1.66. The stock has a 50-day simple moving average of $53.41 and a 200-day simple moving average of $48.76.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The firm had revenue of $264.00 million for the quarter, compared to analysts’ expectations of $179.01 million. During the same period in the previous year, the company posted $1.63 earnings per share. SL Green Realty’s revenue was up 16.5% compared to the same quarter last year. Equities analysts predict that SL Green Realty Corporation will post 5.54 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $0.6175 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.47 annualized dividend and a yield of 5.4%. SL Green Realty’s dividend payout ratio is currently -90.48%.

Insider Buying and Selling at SL Green Realty

In other news, insider Harrison Sitomer sold 23,113 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the completion of the transaction, the insider directly owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. This 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 can be accessed through the SEC website. Company insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Several large investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of SL Green Realty by 17.8% in the third quarter. GAMMA Investing LLC now owns 5,323 shares of the real estate investment trust’s stock valued at $260,000 after buying an additional 803 shares in the last quarter. Applied Capital LLC FL grew its position in SL Green Realty by 2.8% during the third quarter. Applied Capital LLC FL now owns 32,162 shares of the real estate investment trust’s stock valued at $1,573,000 after purchasing an additional 872 shares in the last quarter. Rosenberg Matthew Hamilton acquired a new position in SL Green Realty in the 3rd quarter valued at approximately $113,000. Sequoia Financial Advisors LLC grew its holdings in shares of SL Green Realty by 11.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,694 shares of the real estate investment trust’s stock valued at $761,000 after acquiring an additional 1,492 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in SL Green Realty during the second quarter valued at $33,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

About SL Green Realty

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on owning, managing, acquiring, developing and redeveloping office and retail properties in Manhattan. The company’s portfolio is concentrated in New York City, particularly in major commercial districts, and it serves office tenants, retailers and visitors through its managed properties and related amenities.

SL Green’s activities include leasing commercial space, overseeing property operations and pursuing development and redevelopment projects.