Allspring Global Investments Holdings LLC increased its holdings in shares of SL Green Realty Corp. (NYSE:SLG – Free Report) by 853.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,230 shares of the real estate investment trust’s stock after acquiring an additional 1,101 shares during the period. Allspring Global Investments Holdings LLC’s holdings in SL Green Realty were worth $37,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of SLG. BlackRock Inc. grew its holdings in SL Green Realty by 9.6% during the first quarter. BlackRock Inc. now owns 11,246,072 shares of the real estate investment trust’s stock worth $264,508,000 after acquiring an additional 988,677 shares during the period. Norges Bank purchased a new stake in SL Green Realty during the fourth quarter worth $24,417,000. Balyasny Asset Management L.P. boosted its position in SL Green Realty by 111.3% during the first quarter. Balyasny Asset Management L.P. now owns 1,139,857 shares of the real estate investment trust’s stock worth $26,809,000 after purchasing an additional 600,284 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in SL Green Realty during the first quarter worth $10,985,000. Finally, State Street Corp boosted its position in SL Green Realty by 12.2% during the first quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust’s stock worth $314,295,000 after purchasing an additional 419,067 shares in the last quarter. Institutional investors and hedge funds own 82.40% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. Truist Financial decreased their target price on SL Green Realty from $42.00 to $41.00 and set a “buy” rating on the stock in a research report on Monday, November 6th. Piper Sandler decreased their target price on SL Green Realty from $46.00 to $41.00 and set an “overweight” rating on the stock in a research report on Friday, November 10th. StockNews.com upgraded SL Green Realty to a “sell” rating in a research report on Friday, October 20th. Evercore ISI reduced their price objective on SL Green Realty from $33.00 to $31.00 in a research report on Monday, October 9th. Finally, BMO Capital Markets downgraded SL Green Realty from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $32.00 to $35.00 in a research report on Thursday, August 17th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $33.50.
Insiders Place Their Bets
In other SL Green Realty news, President Andrew W. Mathias sold 176,960 shares of the company’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $32.08, for a total transaction of $5,676,876.80. Following the completion of the sale, the president now directly owns 6,049 shares in the company, valued at $194,051.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.60% of the stock is currently owned by insiders.
SL Green Realty Stock Performance
SL Green Realty stock opened at $34.21 on Friday. The firm has a market capitalization of $2.20 billion, a P/E ratio of -4.47, a PEG ratio of 0.55 and a beta of 1.62. The stock has a fifty day moving average price of $34.70 and a 200 day moving average price of $31.70. SL Green Realty Corp. has a 52 week low of $19.06 and a 52 week high of $44.65. The company has a current ratio of 2.17, a quick ratio of 2.17 and a debt-to-equity ratio of 0.84.
SL Green Realty (NYSE:SLG – Get Free Report) last announced its quarterly earnings results on Thursday, October 19th. The real estate investment trust reported ($0.38) EPS for the quarter, missing the consensus estimate of $1.28 by ($1.66). The firm had revenue of $173.20 million for the quarter, compared to analyst estimates of $156.96 million. SL Green Realty had a negative return on equity of 10.75% and a negative net margin of 56.15%. The business’s revenue was down 18.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.66 earnings per share. Equities research analysts anticipate that SL Green Realty Corp. will post 5.25 earnings per share for the current year.
SL Green Realty Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a dividend of $0.2708 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.08 annualized dividend and a yield of 3.17%. SL Green Realty’s dividend payout ratio is presently -42.48%.
SL Green Realty Profile
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.
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