Franklin Resources Inc. Decreases Holdings in SL Green Realty Corporation $SLG

Franklin Resources Inc. lessened its position in shares of SL Green Realty Corporation (NYSE:SLG) by 78.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,882 shares of the real estate investment trust’s stock after selling 21,231 shares during the quarter. Franklin Resources Inc.’s holdings in SL Green Realty were worth $364,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Bessemer Group Inc. grew its position in shares of SL Green Realty by 67.8% during the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 253 shares during the period. MAI Capital Management increased its position in SL Green Realty by 25.9% in the second quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock worth $61,000 after buying an additional 203 shares in the last quarter. Allworth Financial LP raised its stake in shares of SL Green Realty by 2,432.8% in the second quarter. Allworth Financial LP now owns 1,697 shares of the real estate investment trust’s stock worth $105,000 after buying an additional 1,630 shares during the period. State of Wyoming purchased a new position in shares of SL Green Realty during the 1st quarter valued at about $172,000. Finally, Profund Advisors LLC purchased a new stake in SL Green Realty in the 2nd quarter worth approximately $210,000. 89.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on SLG. Jefferies Financial Group upgraded shares of SL Green Realty from a “neutral” rating to a “buy” rating and upped their price target for the stock from $57.00 to $63.00 in a research report on Monday, October 13th. Wells Fargo & Company dropped their target price on shares of SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 27th. Barclays set a $59.00 price target on SL Green Realty in a research note on Monday, November 3rd. JPMorgan Chase & Co. upped their price objective on SL Green Realty from $69.00 to $71.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Finally, Piper Sandler reiterated an “overweight” rating on shares of SL Green Realty in a research report on Wednesday, December 3rd. Six analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $60.67.

Insider Activity

In other news, Director Carol N. Brown sold 937 shares of SL Green Realty stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.04% of the stock is owned by insiders.

SL Green Realty Trading Up 2.1%

Shares of SLG opened at $42.42 on Wednesday. SL Green Realty Corporation has a fifty-two week low of $40.26 and a fifty-two week high of $78.37. The company has a debt-to-equity ratio of 1.03, a quick ratio of 3.22 and a current ratio of 3.22. The company’s fifty day moving average is $50.60 and its 200 day moving average is $56.66. The stock has a market capitalization of $3.03 billion, a PE ratio of 4,246.45 and a beta of 1.61.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Thursday, October 16th. The real estate investment trust reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.24. The business had revenue of $244.82 million during the quarter, compared to analysts’ expectations of $170.27 million. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the company posted $1.26 EPS. Sell-side analysts expect that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be given a dividend of $0.2575 per share. The ex-dividend date is Friday, November 28th. This represents a c) dividend on an annualized basis and a yield of 7.3%. SL Green Realty’s dividend payout ratio is 30,900.00%.

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.