Strs Ohio Decreases Stake in SL Green Realty Corp. (NYSE:SLG)

Posted by Defense World Staff on Oct 31st, 2023

Strs Ohio reduced its position in SL Green Realty Corp. (NYSE:SLG – Free Report) by 58.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,800 shares of the real estate investment trust’s stock after selling 19,284 shares during the period. Strs Ohio’s holdings in SL Green Realty were worth $414,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. increased its stake in SL Green Realty by 9.6% during the first quarter. BlackRock Inc. now owns 11,246,072 shares of the real estate investment trust’s stock worth $264,508,000 after acquiring an additional 988,677 shares during the last quarter. Norges Bank bought a new stake in SL Green Realty during the fourth quarter worth approximately $24,417,000. Balyasny Asset Management L.P. increased its stake in 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 worth $26,809,000 after acquiring an additional 600,284 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in SL Green Realty during the first quarter worth approximately $10,985,000. Finally, State Street Corp increased its stake in 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 worth $314,295,000 after acquiring an additional 419,067 shares during the last quarter. 82.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Edwin T. Burton III sold 6,800 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $34.30, for a total transaction of $233,240.00. Following the completion of the sale, the director now owns 89 shares in the company, valued at approximately $3,052.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 5.60% of the company’s stock.

SL Green Realty Stock Up 2.4 %

SL Green Realty stock opened at $29.67 on Tuesday. The business has a fifty day moving average of $36.17 and a two-hundred day moving average of $30.90. The company has a quick ratio of 2.84, a current ratio of 2.17 and a debt-to-equity ratio of 0.84. The firm has a market cap of $1.91 billion, a P/E ratio of -3.88, a P/E/G ratio of 0.54 and a beta of 1.56. SL Green Realty Corp. has a twelve month low of $19.06 and a twelve month high of $44.65.

SL Green Realty (NYSE:SLG – Get Free Report) last posted its earnings results on Thursday, October 19th. The real estate investment trust reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($1.66). The company had revenue of $173.20 million for the quarter, compared to analysts’ expectations 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 firm’s quarterly revenue was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.66 EPS. On average, analysts forecast that SL Green Realty Corp. will post 5.36 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st will be issued a dividend of $0.271 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $3.25 annualized dividend and a dividend yield of 10.96%. SL Green Realty’s dividend payout ratio is presently -42.48%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SLG. Truist Financial reduced their price objective on SL Green Realty from $47.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, October 24th. Evercore ISI cut their target price on SL Green Realty from $33.00 to $31.00 in a research note on Monday, October 9th. Bank of America upped their target price on SL Green Realty from $27.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, August 8th. StockNews.com raised SL Green Realty to a “sell” rating in a research note on Friday, October 20th. Finally, BMO Capital Markets cut SL Green Realty from an “outperform” rating to a “market perform” rating and upped their target price for the company from $32.00 to $35.00 in a research note on Thursday, August 17th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and an average price target of $33.88.

Read Our Latest Stock Analysis on SL Green Realty

SL Green Realty Company 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.