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.
Institutional Ownership:
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.
Analysts Ratings:
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.
