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

Shares of SL Green Realty Corporation (NYSE:SLG) hit a new 52-week low on Monday . The company traded as low as $35.52 and last traded at $36.8730, with a volume of 201490 shares. The stock had previously closed at $36.85.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SLG shares. Morgan Stanley set a $43.00 target price on shares of SL Green Realty in a research note on Thursday, January 29th. Truist Financial set a $44.00 target price on shares of SL Green Realty in a research note on Tuesday, February 3rd. Zacks Research raised SL Green Realty from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 25th. Citigroup reduced their target price on shares of SL Green Realty from $70.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, February 4th. Finally, Evercore set a $54.00 price objective on shares of SL Green Realty and gave the company an “outperform” rating in a research report on Monday, December 8th. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $53.30.

SL Green Realty Stock Performance

The stock has a market cap of $2.69 billion, a price-to-earnings ratio of -23.37 and a beta of 1.66. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 1.05. The firm has a fifty day simple moving average of $44.09 and a 200-day simple moving average of $50.02.

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

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, insider Andrew S. Levine sold 1,493 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.27, for a total transaction of $67,588.11. Following the sale, the insider directly owned 7,045 shares of the company’s stock, valued at $318,927.15. The trade was a 17.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Marc Holliday sold 22,223 shares of the stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total transaction of $986,701.20. Following the transaction, the chief executive officer directly owned 9,698 shares in the company, valued at approximately $430,591.20. This represents a 69.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.04% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in SL Green Realty by 74.8% during the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock worth $1,519,000 after buying an additional 11,506 shares in the last quarter. United Services Automobile Association bought a new position in shares of SL Green Realty in the 1st quarter worth $253,000. Empowered Funds LLC boosted its stake in shares of SL Green Realty by 10.9% during the first quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock valued at $425,000 after purchasing an additional 722 shares during the period. Bessemer Group Inc. raised its stake in shares of SL Green Realty by 67.8% during the second quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 253 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its stake in SL Green Realty by 77.1% in the second quarter. Y Intercept Hong Kong Ltd now owns 13,851 shares of the real estate investment trust’s stock worth $857,000 after acquiring an additional 6,030 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.