SL Green Realty Corp. (NYSE: SLG) stock jumped 1.94% on Friday to $34.21 against a previous-day closing price of $33.56. With 1.33 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.81 million shares. During the session, the REIT – Office company that operates in wider Real Estate sector, reached to the highest price of $34.54 whereas the lowest price it dropped to was $33.43. The 52-week range on SLG shows that it touched its highest point at $44.65 and its lowest point at $19.06 during that stretch. It currently has a 1-year price target of $33.25. With its current market cap of 2.35 billion, SLG has annualized dividend of $3.25 while the current yield stands at 9.50%. Beta for the stock currently stands at 1.63.
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 10.28%, but this was up by 7.71% over a month. Three-month performance surged to 4.55% while six-month performance rose 51.77%. The stock lost -13.76% in the past year, while it has gained 1.45% so far this year. A look at the trailing 12-month EPS for SLG yields -7.65 with Next year EPS estimates of -1.27. For the next quarter, that number is -0.64. This implies an EPS growth rate of -349.86% for this year and 80.99% for next year.
Float and Shares Shorts:
At present, 64.38 million SLG shares are outstanding with a float of 64.35 million shares on hand for trading. On Oct 30, 2023, short shares totaled 18.07 million, which was 27.61% higher than short shares on Sep 28, 2023. In addition to Mr. Marc Holliday as the firm’s Chairman & CEO, Mr. Andrew W. Mathias serves as its President & Director.
Through their ownership of 88.30% of SLG’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 50.62% of SLG, in contrast to 45.01% held by mutual funds. Shares owned by individuals account for 0.26%. As the largest shareholder in SLG with 15.71% of the stake, BlackRock Fund Advisors holds 10,114,336 shares worth 10,114,336. A second-largest stockholder of SLG, The Vanguard Group, Inc., holds 10,111,745 shares, controlling over 15.70% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in SLG, holding 4,334,099 shares or 6.73% stake. With a 6.70% stake in SLG, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 4,315,743 shares are owned by the mutual fund manager. The Vanguard Real Estate Index Fund, which owns about 4.12% of SLG stock, is the second-largest Mutual Fund holder. It holds 2,653,721 shares valued at 77.73 million. Vanguard Total Stock Market ETF holds 3.14% of the stake in SLG, owning 2,022,339 shares worth 59.23 million.
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 $70.00 and a low target of $21.00, the average target price over the next 12 months is $33.25. Based on these targets, SLG could surge 104.62% to reach the target high and fall by -38.61% to reach the target low. Reaching the average price target will result in a decline of -2.81% from current levels.
Summary of Insider Activity:
Insiders traded SLG stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 4 while that of sell transactions has risen to 4 over the past year. The total number of shares bought during that period was 27,739 while 22,100 shares were sold.