SL Green Realty Corp. (NYSE:SLG) Shares Sold by Cambridge Investment Research Advisors Inc.

Posted by on May 30th, 2023

Cambridge Investment Research Advisors Inc. reduced its stake in shares of SL Green Realty Corp. (NYSE:SLG – Get Rating) by 5.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,719 shares of the real estate investment trust’s stock after selling 477 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in SL Green Realty were worth $260,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SLG. Marshall Wace LLP grew its position in SL Green Realty by 455.8% during the third quarter. Marshall Wace LLP now owns 1,305,879 shares of the real estate investment trust’s stock worth $52,444,000 after buying an additional 1,070,944 shares during the period. PGGM Investments acquired a new stake in shares of SL Green Realty in the third quarter valued at approximately $19,681,000. State Street Corp grew its position in shares of SL Green Realty by 12.2% in the first quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust’s stock valued at $314,295,000 after purchasing an additional 419,067 shares during the last quarter. Waterfront Capital Partners LLC acquired a new stake in shares of SL Green Realty in the third quarter valued at approximately $15,486,000. Finally, HGI Capital Management LLC grew its position in shares of SL Green Realty by 337.1% in the third quarter. HGI Capital Management LLC now owns 276,801 shares of the real estate investment trust’s stock valued at $11,116,000 after purchasing an additional 213,473 shares during the last quarter. 82.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wells Fargo & Company lowered their price target on shares of SL Green Realty from $36.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 16th. The Goldman Sachs Group assumed coverage on shares of SL Green Realty in a research report on Tuesday, March 21st. They issued a “sell” rating and a $18.00 price target on the stock. Piper Sandler lowered their price target on shares of SL Green Realty from $42.00 to $27.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 21st. Citigroup reduced their price objective on shares of SL Green Realty from $35.00 to $17.00 and set a “sell” rating on the stock in a research note on Monday, March 27th. Finally, Robert W. Baird upped their price objective on shares of SL Green Realty from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Monday, January 30th. Five analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and a consensus target price of $36.19.

Insiders Place Their Bets

In other SL Green Realty news, CFO Matthew J. Diliberto purchased 10,000 shares of SL Green Realty stock in a transaction dated Friday, March 24th. The shares were bought at an average cost of $16.44 per share, for a total transaction of $164,400.00. Following the transaction, the chief financial officer now owns 13,000 shares in the company, valued at approximately $213,720. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Betsy S. Atkins sold 5,000 shares of SL Green Realty stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $21.47, for a total value of $107,350.00. Following the sale, the director now directly owns 11,662 shares in the company, valued at approximately $250,383.14. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Matthew J. Diliberto acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, March 24th. The stock was purchased at an average price of $16.44 per share, for a total transaction of $164,400.00. Following the completion of the transaction, the chief financial officer now owns 13,000 shares in the company, valued at $213,720. The disclosure for this purchase can be found here. 5.60% of the stock is owned by company insiders.

SL Green Realty Price Performance

SLG opened at $21.99 on Tuesday. The company has a fifty day simple moving average of $22.75 and a 200 day simple moving average of $31.61. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -9.86, a PEG ratio of 0.50 and a beta of 1.48. SL Green Realty Corp. has a twelve month low of $19.06 and a twelve month high of $62.76. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 1.24.

SL Green Realty (NYSE:SLG – Get Rating) last announced its quarterly earnings data on Thursday, April 20th. The real estate investment trust reported ($0.63) earnings per share for the quarter, missing the consensus estimate of $1.42 by ($2.05). The company had revenue of $223.58 million for the quarter, compared to analyst estimates of $193.56 million. SL Green Realty had a negative return on equity of 2.65% and a negative net margin of 14.56%. SL Green Realty’s revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.65 earnings per share. Equities research analysts expect that SL Green Realty Corp. will post 5.5 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st will be issued a dividend of $0.271 per share. This is a positive change from SL Green Realty’s previous monthly dividend of $0.27. This represents a $3.25 annualized dividend and a yield of 14.79%. The ex-dividend date is Tuesday, May 30th. SL Green Realty’s dividend payout ratio (DPR) is currently -145.74%.

About SL Green Realty

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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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