SL Green Realty Corp. (NYSE: SLG) stock fell -4.63% on Wednesday to $22.27 against a previous-day closing price of $23.35. With 1.99 million shares changed hands, the volume of the stock remained lighter than its average volume of 3.46 million shares. During the session, the REIT – Office company that operates in wider Real Estate sector, reached to the highest price of $23.29 whereas the lowest price it dropped to was $22.11. The 52-week range on SLG shows that it touched its highest point at $63.17 and its lowest point at $19.06 during that stretch. It currently has a 1-year price target of $30.88. With its current market cap of 1.45 billion, SLG has annualized dividend of $3.25 while the current yield stands at 14.59%. Beta for the stock currently stands at 1.48.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of SLG was up-trending over the past week, with a rise of 0.50%, but this was down by -3.76% over a month. Three-month performance dropped to -38.14% while six-month performance fell -44.37%. The stock lost -63.47% in the past year, while it has lost -33.96% so far this year. A look at the trailing 12-month EPS for SLG yields -2.24 with Next year EPS estimates of -1.43. For the next quarter, that number is -0.62. This implies an EPS growth rate of -122.20% for this year and 33.20% for next year. EPS is expected to decline by -10.84% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -29.60%.
Float and Shares Shorts:
At present, 64.08 million SLG shares are outstanding with a float of 62.99 million shares on hand for trading. On Apr 27, 2023, short shares totaled 18.06 million, which was 28.05% higher than short shares on Mar 30, 2023. In addition to Mr. Marc Holliday as the firm’s Chairman & CEO, Mr. Andrew W. Mathias serves as its Pres & Director.
Through their ownership of 77.17% of SLG’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 45.04% of SLG, in contrast to 42.93% held by mutual funds. Shares owned by individuals account for 0.65%. As the largest shareholder in SLG with 15.75% of the stake, The Vanguard Group, Inc. holds 10,136,484 shares worth 10,136,484. A second-largest stockholder of SLG, BlackRock Fund Advisors, holds 8,285,166 shares, controlling over 12.87% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in SLG, holding 3,969,559 shares or 6.17% stake. With a 6.28% stake in SLG, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 4,040,717 shares are owned by the mutual fund manager. The Vanguard Real Estate Index Fund, which owns about 4.39% of SLG stock, is the second-largest Mutual Fund holder. It holds 2,824,777 shares valued at 66.86 million. Vanguard Total Stock Market ETF holds 3.09% of the stake in SLG, owning 1,986,156 shares worth 47.01 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, SLG reported revenue of $201.44M and operating income of $54.16M. The EBITDA in the recently reported quarter was $94.60M and diluted EPS was -$0.70.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SLG since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With SLG analysts setting a high price target of $84.00 and a low target of $17.00, the average target price over the next 12 months is $30.20. Based on these targets, SLG could surge 277.19% to reach the target high and fall by -23.66% to reach the target low. Reaching the average price target will result in a growth of 35.61% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded SLG stock several times over the past three months with 0 Buys and 1 Sells. In these transactions, 0 shares were bought while 9,000 shares were sold. The number of buy transactions has increased to 6 while that of sell transactions has risen to 3 over the past year. The total number of shares bought during that period was 28,026 while 11,100 shares were sold.