Allspring Global Investments Holdings LLC Grows Stock Holdings in SL Green Realty Corp. (NYSE:SLG)

Posted by Defense World Staff on Oct 22nd, 2023

Allspring Global Investments Holdings LLC raised its position in SL Green Realty Corp. (NYSE:SLG – Free Report) by 853.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,230 shares of the real estate investment trust’s stock after acquiring an additional 1,101 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in SL Green Realty were worth $37,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of SLG. BlackRock Inc. increased its position in shares of SL Green Realty by 9.6% in the first quarter. BlackRock Inc. now owns 11,246,072 shares of the real estate investment trust’s stock valued at $264,508,000 after acquiring an additional 988,677 shares during the period. Norges Bank purchased a new position in shares of SL Green Realty during the fourth quarter valued at about $24,417,000. Balyasny Asset Management L.P. increased its position in shares of SL Green Realty by 111.3% during the first quarter. Balyasny Asset Management L.P. now owns 1,139,857 shares of the real estate investment trust’s stock valued at $26,809,000 after buying an additional 600,284 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of SL Green Realty during the first quarter valued at about $10,985,000. Finally, State Street Corp increased its position in shares of SL Green Realty by 12.2% during 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 buying an additional 419,067 shares during the period. Hedge funds and other institutional investors own 82.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SLG shares. BMO Capital Markets cut shares of SL Green Realty from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $32.00 to $35.00 in a research report on Thursday, August 17th. Evercore ISI reduced their price target on shares of SL Green Realty from $33.00 to $31.00 in a research report on Monday, October 9th. Truist Financial cut their price objective on shares of SL Green Realty from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Tuesday, July 25th. StockNews.com upgraded shares of SL Green Realty to a “sell” rating in a report on Friday. Finally, BTIG Research cut their price objective on shares of SL Green Realty from $84.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, June 27th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $34.19.

Get Our Latest Research Report on SLG

Insider Activity at SL Green Realty

In related news, Director Edwin T. Burton III sold 6,800 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $34.30, for a total transaction of $233,240.00. Following the transaction, the director now owns 89 shares in the company, valued at $3,052.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.60% of the stock is owned by insiders.

SL Green Realty Trading Up 1.4 %

Shares of NYSE SLG opened at $32.20 on Friday. The firm’s 50 day moving average price is $36.46 and its 200-day moving average price is $30.59. The company has a market cap of $2.07 billion, a PE ratio of -4.21, a P/E/G ratio of 0.56 and a beta of 1.56. SL Green Realty Corp. has a 52-week low of $19.06 and a 52-week high of $44.65. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.84 and a current ratio of 2.17.

SL Green Realty (NYSE:SLG – Get Free Report) last issued its earnings results on Thursday, October 19th. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($1.66). The firm had revenue of $173.20 million during the quarter, compared to the consensus estimate of $156.96 million. SL Green Realty had a negative return on equity of 10.75% and a negative net margin of 56.15%. The company’s quarterly revenue was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.66 EPS. On average, equities research analysts expect that SL Green Realty Corp. will post 5.56 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st will be given a dividend of $0.271 per share. The ex-dividend date is Monday, October 30th. This represents a $3.25 dividend on an annualized basis and a yield of 10.10%. SL Green Realty’s dividend payout ratio (DPR) is -42.48%.

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.