SL Green Realty Corporation $SLG Shares Sold by HB Wealth Management LLC

HB Wealth Management LLC trimmed its holdings in shares of SL Green Realty Corporation (NYSE:SLG) by 10.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,920 shares of the real estate investment trust’s stock after selling 472 shares during the quarter. HB Wealth Management LLC’s holdings in SL Green Realty were worth $243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Mackenzie Financial Corp increased its position in shares of SL Green Realty by 4.7% during the 1st quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust’s stock worth $307,000 after purchasing an additional 240 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its position in shares of SL Green Realty by 2.5% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 10,257 shares of the real estate investment trust’s stock worth $592,000 after purchasing an additional 247 shares during the last quarter. KLP Kapitalforvaltning AS increased its position in shares of SL Green Realty by 2.2% during the 1st quarter. KLP Kapitalforvaltning AS now owns 13,874 shares of the real estate investment trust’s stock worth $804,000 after purchasing an additional 300 shares during the last quarter. Xponance Inc. increased its position in shares of SL Green Realty by 6.6% during the 1st quarter. Xponance Inc. now owns 5,745 shares of the real estate investment trust’s stock worth $331,000 after purchasing an additional 357 shares during the last quarter. Finally, M&T Bank Corp increased its position in shares of SL Green Realty by 6.6% during the 1st quarter. M&T Bank Corp now owns 5,921 shares of the real estate investment trust’s stock worth $342,000 after purchasing an additional 366 shares during the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Truist Financial lifted their target price on SL Green Realty from $54.00 to $58.00 and gave the company a “hold” rating in a research report on Friday, July 18th. JPMorgan Chase & Co. dropped their target price on SL Green Realty from $70.00 to $69.00 and set a “neutral” rating for the company in a research report on Wednesday, July 9th. Citigroup raised SL Green Realty from a “neutral” rating to a “buy” rating and lifted their target price for the company from $65.00 to $70.00 in a research report on Friday, September 12th. Evercore ISI lifted their target price on SL Green Realty from $73.00 to $76.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. Finally, Scotiabank raised SL Green Realty from a “sector perform” rating to a “sector outperform” rating and set a $71.00 target price for the company in a research report on Friday, July 25th. Five equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and a consensus price target of $67.79.

Insiders Place Their Bets

In related news, Director Carol N. Brown sold 937 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total transaction of $59,115.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.04% of the stock is currently owned by insiders.

SL Green Realty Price Performance

SLG stock opened at $59.05 on Wednesday. The business has a 50 day moving average price of $58.31 and a 200 day moving average price of $58.18. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of -109.35 and a beta of 1.77. SL Green Realty Corporation has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.26. The firm had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $171.24 million. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%.The firm’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.05 earnings per share. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. Equities research analysts anticipate that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently announced a sep 25 dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.2575 per share. The ex-dividend date is Tuesday, September 30th. This represents a yield of 517.0%. SL Green Realty’s payout ratio is presently -572.22%.

SL Green Realty Company 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.