BlackRock Inc. Lowers Position in SL Green Realty Corp. (NYSE:SLG)

Posted by on Mar 10th, 2023

BlackRock Inc. lessened its stake in SL Green Realty Corp. (NYSE:SLG – Get Rating) by 2.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,547,831 shares of the real estate investment trust’s stock after selling 240,072 shares during the period. BlackRock Inc. owned about 14.84% of SL Green Realty worth $383,441,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SLG. State Street Corp raised its stake in shares of SL Green Realty by 12.2% during the 1st quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust’s stock worth $314,295,000 after buying an additional 419,067 shares during the period. Confluence Investment Management LLC raised its stake in shares of SL Green Realty by 0.6% during the 3rd quarter. Confluence Investment Management LLC now owns 2,092,665 shares of the real estate investment trust’s stock worth $84,041,000 after buying an additional 13,511 shares during the period. DAVENPORT & Co LLC raised its stake in shares of SL Green Realty by 53.2% during the 3rd quarter. DAVENPORT & Co LLC now owns 1,941,644 shares of the real estate investment trust’s stock worth $77,976,000 after buying an additional 674,516 shares during the period. Wellington Management Group LLP raised its stake in shares of SL Green Realty by 20.6% during the 1st quarter. Wellington Management Group LLP now owns 1,197,334 shares of the real estate investment trust’s stock worth $97,200,000 after buying an additional 204,750 shares during the period. Finally, Northern Trust Corp raised its stake in shares of SL Green Realty by 13.6% during the 1st quarter. Northern Trust Corp now owns 1,099,235 shares of the real estate investment trust’s stock worth $89,236,000 after buying an additional 131,984 shares during the period. Hedge funds and other institutional investors own 82.00% of the company’s stock.

Insider Transactions at SL Green Realty

In other news, Director Craig M. Hatkoff sold 9,000 shares of the stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $34.31, for a total transaction of $308,790.00. Following the completion of the transaction, the director now directly owns 2,052 shares in the company, valued at approximately $70,404.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 5.21% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SLG. Barclays reduced their target price on SL Green Realty from $88.00 to $47.00 and set an “overweight” rating for the company in a research note on Wednesday, December 7th. Citigroup increased their price objective on SL Green Realty from $30.00 to $35.00 and gave the company a “sell” rating in a research note on Wednesday, February 8th. Wells Fargo & Company reduced their price objective on SL Green Realty to $36.00 in a research note on Wednesday, December 14th. BMO Capital Markets downgraded SL Green Realty from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $47.00 to $41.00 in a research note on Tuesday, December 6th. Finally, Scotiabank downgraded SL Green Realty from a “sector perform” rating to an “underperform” rating and reduced their price objective for the company from $43.00 to $34.00 in a research note on Tuesday, December 6th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $46.94.

SL Green Realty Price Performance

Shares of NYSE:SLG opened at $31.54 on Friday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 2.64 and a current ratio of 2.64. SL Green Realty Corp. has a 52-week low of $31.51 and a 52-week high of $83.96. The business has a fifty day moving average of $37.00 and a two-hundred day moving average of $39.05.

SL Green Realty (NYSE:SLG – Get Rating) last released its quarterly earnings results on Wednesday, January 25th. The real estate investment trust reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($2.49). The business had revenue of $197.29 million for the quarter, compared to analysts’ expectations of $194.74 million. SL Green Realty had a negative return on equity of 1.62% and a negative net margin of 9.44%. The business’s revenue for the quarter was up 31.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.52 earnings per share. As a group, sell-side analysts predict that SL Green Realty Corp. will post 5.48 EPS for the current fiscal year.

SL Green Realty Cuts Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th will be issued a dividend of $0.2708 per share. This represents a $3.25 dividend on an annualized basis and a dividend yield of 10.30%. The ex-dividend date of this dividend is Monday, February 27th. SL Green Realty’s dividend payout ratio is presently -218.12%.

SL Green Realty Company Profile

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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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Institutional Ownership by Quarter for SL Green Realty (NYSE:SLG)

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