SL Green Realty (NYSE:SLG) Insider Sells $1,333,851.23 in Stock

SL Green Realty Corporation (NYSE:SLG) insider Harrison Sitomer sold 23,113 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Harrison Sitomer also recently made the following trade(s):

• On Thursday, August 20th, Harrison Sitomer sold 16,887 shares of SL Green Realty stock. The shares were sold at an average price of $58.52, for a total transaction of $988,227.24.

SL Green Realty Stock Down 1.7%

Shares of NYSE:SLG opened at $58.83 on Thursday. SL Green Realty Corporation has a fifty-two week low of $34.77 and a fifty-two week high of $66.29. The firm’s 50 day moving average price is $53.28 and its 200 day moving average price is $45.69. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of -21.55, a price-to-earnings-growth ratio of 2.63 and a beta of 1.58.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, topping the consensus estimate 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 company had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $179.01 million. During the same quarter in the previous year, the business posted $1.63 EPS. The firm’s revenue was up 16.5% on a year-over-year basis. As a group, equities research analysts predict that SL Green Realty Corporation will post 5.44 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.6175 per share. This represents a $2.47 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Tuesday, June 30th. SL Green Realty’s payout ratio is -90.48%.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of SL Green Realty in the 2nd quarter valued at about $706,881,000. California State Teachers Retirement System grew its stake in SL Green Realty by 4,932.5% during the 2nd quarter. California State Teachers Retirement System now owns 4,221,844 shares of the real estate investment trust’s stock worth $218,565,000 after buying an additional 4,137,952 shares during the last quarter. Cohen & Steers Inc. purchased a new position in SL Green Realty during the 4th quarter worth approximately $121,675,000. Deutsche Bank AG acquired a new position in SL Green Realty during the second quarter worth approximately $58,202,000. Finally, Goldman Sachs Group Inc. increased its position in SL Green Realty by 62.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock worth $133,862,000 after buying an additional 1,117,357 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Mizuho raised their price target on SL Green Realty from $38.00 to $46.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Scotiabank lifted their price target on SL Green Realty from $56.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 5th. LADENBURG THALM/SH SH upped their price objective on SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Barclays set a $52.00 price objective on SL Green Realty and gave the company an “equal weight” rating in a report on Tuesday, July 21st. Finally, BMO Capital Markets reissued an “outperform” rating and set a $60.00 target price (up from $52.00) on shares of SL Green Realty in a research report on Monday, July 27th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and an average target price of $56.20.

About SL Green Realty

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.