Oppenheimer & Co. Inc. Sells 1,603 Shares of SL Green Realty Corp. (NYSE:SLG)

Posted by Defense World Staff on Aug 31st, 2023

Oppenheimer & Co. Inc. trimmed its position in SL Green Realty Corp. (NYSE:SLG – Free Report) by 10.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,211 shares of the real estate investment trust’s stock after selling 1,603 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in SL Green Realty were worth $311,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Arizona State Retirement System grew its position in SL Green Realty by 1.6% in the fourth quarter. Arizona State Retirement System now owns 17,709 shares of the real estate investment trust’s stock worth $597,000 after acquiring an additional 283 shares in the last quarter. Yousif Capital Management LLC raised its stake in SL Green Realty by 0.8% in the first quarter. Yousif Capital Management LLC now owns 37,024 shares of the real estate investment trust’s stock worth $3,006,000 after buying an additional 299 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in SL Green Realty by 0.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 55,671 shares of the real estate investment trust’s stock worth $1,877,000 after buying an additional 359 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in SL Green Realty by 0.9% in the second quarter. Thrivent Financial for Lutherans now owns 41,461 shares of the real estate investment trust’s stock worth $1,913,000 after buying an additional 372 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its stake in SL Green Realty by 0.5% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 85,924 shares of the real estate investment trust’s stock worth $2,897,000 after buying an additional 400 shares in the last quarter. 82.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SLG has been the subject of a number of recent research reports. Evercore ISI boosted their price objective on shares of SL Green Realty from $28.00 to $33.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 16th. Barclays upped their price target on SL Green Realty from $22.00 to $26.00 in a research report on Tuesday, June 27th. Bank of America upped their price target on SL Green Realty from $27.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 8th. Morgan Stanley reaffirmed an “equal weight” rating and set a $21.00 price target on shares of SL Green Realty in a research report on Wednesday, July 19th. Finally, Piper Sandler raised shares of SL Green Realty from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $27.00 to $41.00 in a report on Friday, July 21st. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $34.47.

View Our Latest Stock Analysis on SLG

SL Green Realty Trading Down 1.0 %

SLG stock opened at $38.53 on Thursday. The company’s 50-day simple moving average is $33.45 and its 200-day simple moving average is $28.75. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 0.93. SL Green Realty Corp. has a 52-week low of $19.06 and a 52-week high of $49.83. The firm has a market cap of $2.48 billion, a P/E ratio of -5.38, a PEG ratio of 0.66 and a beta of 1.59.

SL Green Realty (NYSE:SLG – Get Free Report) last posted its earnings results on Thursday, July 20th. The real estate investment trust reported ($5.63) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($6.96). SL Green Realty had a negative return on equity of 9.66% and a negative net margin of 50.10%. The firm had revenue of $221.07 million for the quarter, compared to analysts’ expectations of $178.80 million. During the same period in the previous year, the company earned $1.87 earnings per share. The company’s revenue was up 9.7% compared to the same quarter last year. As a group, equities analysts forecast that SL Green Realty Corp. will post 5.56 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a dividend of $0.271 per share. This represents a $3.25 annualized dividend and a dividend yield of 8.44%. The ex-dividend date is Wednesday, August 30th. This is an increase from SL Green Realty’s previous monthly dividend of $0.27. SL Green Realty’s dividend payout ratio is -45.39%.

Insider Buying and Selling

In related news, Director Edwin T. Burton III sold 6,800 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $34.30, for a total transaction of $233,240.00. Following the completion of the transaction, the director now owns 89 shares in the company, valued at approximately $3,052.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 5.60% of the company’s stock.

SL Green Realty Profile

(Free Report)

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.