T. Rowe Price Associates, Inc. (I.. recently announced the acquisition of new stake in SL Green Realty Corp. (NYSE:SLG). The institutional investor has increased its shareholding in the Real Estate company by 25.93% to 9.15 million shares with purchase of 1.88 million shares. This fresh investment now brings its stake to 12.42% valued currently at $425.33 million. In addition, PGGM Vermogensbeheer BV raised its holdings by 1.67 million to 4.19 million shares. And Dimensional Fund Advisors LP has lifted its position by 0.29% or 3727.0 shares – to 1.31 million shares.
With over 1.07 million SL Green Realty Corp. (SLG) shares trading Tuesday and a closing price of $47.18 on the day, the dollar volume was approximately $50.38 million. The shares have shown a negative weekly performance of -4.71% and its price on 09/01/20 gained nearly 0.90%. Currently, there are 75.69M common shares owned by the public and among those 71.75M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for SLG have a consensus price objective of $58.73. The analysts have set the share’s price value over the next 12 months at a high of $105.00 and a low of $47.00 should the stock experience a downside. Incidentally, analysts’ outlook for the SL Green Realty Corp. stock is 2.90 for the next 12 months. The average price target is 20.43% above its last price level and an upside to the estimated low will see the stock lose -0.38% over that period. But an upside of 55.07% will see the stock hit the forecast high price target while mean target price for the stock is $51.00.
Insiders at the company have transacted a total of 12 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 7 of these insider trades were purchases, accounting for 108,365 shares. Insider sales of the common stock occurred on 5 occasions, with total insider shares sold totaling 100,895 shares.
The top 3 mutual fund holders in SL Green Realty Corp. are Vanguard Real Estate Index Fund, Vanguard Total Stock Market Index, and T Rowe Price Equity Income Fund. Vanguard Real Estate Index Fund owns 3.47 million shares of the company’s stock, all valued at over $161.56 million. The company sold 34123.0 shares recently to bring their total holdings to about 4.72% of the shares outstanding. Vanguard Total Stock Market Index sold 1223.0 shares to see its total holdings shrink to 2.19 million shares valued at over $101.72 million and representing 2.97% of the shares outstanding. T Rowe Price Equity Income Fund bought 0.35 million shares to bring its total holdings to over 1.94 million shares at a value of $90.21 million. T Rowe Price Equity Income Fund now owns shares totaling to 2.63% of the shares outstanding.
Shares of SL Green Realty Corp. (NYSE: SLG) opened at $46.20, down -$0.56 from a prior closing price of $46.76. However, the script later closed the day at $47.18, up 0.90%. The company’s stock has a 5-day price change of -4.71% and -7.76% over the past three months. SLG shares are trading -48.65% year to date (YTD), with the 12-month market performance down to -41.36% lower. It has a 12-month low price of $35.16 and touched a high of $96.39 over the same period. Currently, 1.07 million shares have been traded, compared to an average intraday trading volume of 1.54 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.02%, -2.50%, and -26.60% respectively.
Institutional ownership of SL Green Realty Corp. (NYSE: SLG) 75.69M shares outstanding. Mutual fund holders own 46.05%, while other institutional holders and individual stakeholders account for 58.14% and 0.73% respectively.
It has a market capitalization of $3.43B and a beta (3y monthly) value of 1.55. The stock’s trailing 12-month PE ratio is 16.69, while the earnings-per-share (ttm) stands at $2.83. The company has a debt-to-equity ratio at 1.28. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.30% over the week and 4.37% over the month.
Analysts forecast that SL Green Realty Corp. (SLG) will achieve an EPS of -$0.21 for the current quarter, -$0.26 for the next quarter and -$0.4 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.36 while analysts give the company a high EPS estimate of -$0.05. Comparatively, EPS for the current quarter was $0.4 a year ago. Earnings per share for the fiscal year are expected to increase by 16.20%, and -136.70% over the next financial year. EPS should shrink at an annualized rate of -10.84% over the next five years, compared to -1.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate SL Green Realty Corp. (SLG) as a “Moderate Buy” at a consensus score of 2.90. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 11 of the 17 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the SLG, a number of firms have released research notes about the stock. Deutsche Bank stated their Hold rating for the stock in a research note on July 20, 2020, with the firm’s price target at $48. Morgan Stanley coverage for the SL Green Realty Corp. (SLG) stock in a research note released on May 28, 2020 offered a Equal-Weight rating with a price target of $44. Piper Sandler was of a view on April 24, 2020 that the stock is Neutral, while BMO Capital Markets gave the stock Market Perform rating on April 08, 2020, issuing a price target of $95- $55. Citigroup on their part issued Neutral rating on April 07, 2020.