Harrison Sitomer Sells 16,887 Shares of SL Green Realty (NYSE:SLG) Stock

SL Green Realty Corporation (NYSE:SLG) insider Harrison Sitomer sold 16,887 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $58.52, for a total transaction of $988,227.24. Following the completion of the transaction, the insider owned 132,581 shares of the company’s stock, valued at $7,758,640.12. This trade represents a 11.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Friday, August 21st, Harrison Sitomer sold 23,113 shares of SL Green Realty stock. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23.

SL Green Realty Trading Up 2.2%

Shares of SLG opened at $59.85 on Wednesday. SL Green Realty Corporation has a 1-year low of $34.77 and a 1-year high of $66.29. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05. The firm’s 50-day moving average price is $53.09 and its 200-day moving average price is $45.58. The firm has a market capitalization of $4.26 billion, a price-to-earnings ratio of -21.92, a PEG ratio of 2.57 and a beta of 1.58.

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

SL Green Realty Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.6175 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.1%. SL Green Realty’s dividend payout ratio is -90.48%.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently made changes to their positions in SLG. Triumph Capital Management purchased a new stake in shares of SL Green Realty in the 3rd quarter worth approximately $45,000. Davis Capital Management bought a new stake in SL Green Realty in the first quarter worth $46,000. Global Retirement Partners LLC bought a new stake in SL Green Realty in the second quarter worth $53,000. Fourth Dimension Wealth LLC grew its stake in shares of SL Green Realty by 45.5% in the fourth quarter. Fourth Dimension Wealth LLC now owns 1,600 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 500 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its stake in shares of SL Green Realty by 30.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust’s stock worth $74,000 after acquiring an additional 378 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler set a $79.00 target price on SL Green Realty and gave the company an “overweight” rating in a research note on Friday, July 24th. Wall Street Zen cut SL Green Realty from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. increased their price objective on SL Green Realty from $51.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday. BMO Capital Markets reissued an “outperform” rating and set a $60.00 price objective (up from $52.00) on shares of SL Green Realty in a research report on Monday, July 27th. Finally, Barclays set a $52.00 target price on shares of SL Green Realty and gave the company an “equal weight” rating in a report on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $56.20.

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.