SL Green Realty Target of Unusually Large Options Trading (NYSE:SLG)

SL Green Realty Corp. (NYSE:SLG – Get Rating) saw some unusual options trading on Friday. Stock traders acquired 44,481 put options on the stock. This is an increase of approximately 1,555% compared to the typical daily volume of 2,688 put options.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 9,000 shares of SL Green Realty stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $34.31, for a total transaction of $308,790.00. Following the transaction, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $70,404.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.21% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in SL Green Realty by 0.3% in the third quarter. Vanguard Group Inc. now owns 9,363,094 shares of the real estate investment trust’s stock valued at $376,022,000 after purchasing an additional 32,617 shares during the last quarter. State Street Corp lifted its stake in SL Green Realty by 12.2% in the first quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust’s stock valued at $314,295,000 after purchasing an additional 419,067 shares during the last quarter. Confluence Investment Management LLC lifted its stake in SL Green Realty by 0.6% in the third quarter. Confluence Investment Management LLC now owns 2,092,665 shares of the real estate investment trust’s stock valued at $84,041,000 after purchasing an additional 13,511 shares during the last quarter. DAVENPORT & Co LLC lifted its stake in SL Green Realty by 53.2% in the third quarter. DAVENPORT & Co LLC now owns 1,941,644 shares of the real estate investment trust’s stock valued at $77,976,000 after purchasing an additional 674,516 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in SL Green Realty by 17.0% in the fourth quarter. Marshall Wace LLP now owns 1,527,786 shares of the real estate investment trust’s stock valued at $51,517,000 after purchasing an additional 221,907 shares during the last quarter. Hedge funds and other institutional investors own 82.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wells Fargo & Company cut their target price on SL Green Realty from $36.00 to $26.00 and set an “equal weight” rating on the stock in a report on Thursday. Barclays lowered their price objective on SL Green Realty from $88.00 to $47.00 and set an “overweight” rating for the company in a research report on Wednesday, December 7th. StockNews.com assumed coverage on SL Green Realty in a research report on Thursday. They issued a “sell” rating for the company. Deutsche Bank Aktiengesellschaft lowered SL Green Realty from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a research report on Wednesday, January 4th. Finally, Robert W. Baird boosted their target price on SL Green Realty from $38.00 to $43.00 and gave the company a “neutral” rating in a research report on Monday, January 30th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SL Green Realty has an average rating of “Hold” and a consensus target price of $46.31.

SL Green Realty Stock Performance

Shares of NYSE SLG traded down $2.30 during midday trading on Friday, reaching $23.99. The company’s stock had a trading volume of 2,508,296 shares, compared to its average volume of 1,786,644. SL Green Realty has a 12-month low of $23.94 and a 12-month high of $83.96. The firm has a 50 day moving average price of $36.39 and a 200-day moving average price of $38.44. The stock has a market capitalization of $1.54 billion, a P/E ratio of -16.38 and a beta of 1.52. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.64 and a quick ratio of 2.64.

SL Green Realty (NYSE:SLG – Get Rating) last announced its earnings results on Wednesday, January 25th. The real estate investment trust reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($2.49). SL Green Realty had a negative return on equity of 1.62% and a negative net margin of 9.44%. The business had revenue of $197.29 million during the quarter, compared to analysts’ expectations of $194.74 million. During the same quarter in the previous year, the firm earned $1.52 EPS. SL Green Realty’s quarterly revenue was up 31.4% on a year-over-year basis. As a group, equities analysts predict that SL Green Realty will post 5.48 earnings per share for the current year.

SL Green Realty Cuts Dividend

The firm also recently announced a monthly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th were paid a $0.2708 dividend. The ex-dividend date was Monday, February 27th. This represents a $3.25 dividend on an annualized basis and a dividend yield of 13.55%. SL Green Realty’s payout ratio is presently -218.12%.

About SL Green Realty

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3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.