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

Allspring Global Investments Holdings LLC bought a new position in shares of SL Green Realty Corp. (NYSE:SLG) in the second quarter, HoldingsChannel reports. The firm bought 510 shares of the real estate investment trust’s stock, valued at approximately $29,000.

Several other institutional investors and hedge funds also recently modified their holdings of SLG. Norges Bank purchased a new stake in SL Green Realty in the 4th quarter valued at approximately $18,664,000. Prospect Financial Services LLC purchased a new stake in SL Green Realty during the 4th quarter worth about $12,373,000. Russell Investments Group Ltd. raised its stake in SL Green Realty by 24.7% in the 1st quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after purchasing an additional 158,268 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in shares of SL Green Realty by 148.0% during the 4th quarter. Allianz Asset Management GmbH now owns 259,027 shares of the real estate investment trust’s stock worth $11,700,000 after purchasing an additional 154,578 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of SL Green Realty by 426.2% during the fourth quarter. Hsbc Holdings PLC now owns 183,814 shares of the real estate investment trust’s stock worth $8,394,000 after buying an additional 148,881 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Price Performance

Shares of SLG stock opened at $62.69 on Tuesday. The firm has a fifty day simple moving average of $62.58 and a 200-day simple moving average of $55.83. The company has a market capitalization of $4.08 billion, a PE ratio of -7.59, a price-to-earnings-growth ratio of 1.97 and a beta of 1.83. SL Green Realty Corp. has a twelve month low of $28.55 and a twelve month high of $68.92. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company had revenue of $222.82 million during the quarter, compared to analysts’ expectations of $133.83 million. During the same period in the prior year, the company posted $1.43 EPS. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. Equities research analysts anticipate that SL Green Realty Corp. will post 7.58 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date of this dividend is Friday, August 30th. SL Green Realty’s payout ratio is -36.32%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SLG. BMO Capital Markets raised their target price on shares of SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Citigroup upped their target price on SL Green Realty from $31.00 to $37.00 and gave the company a “sell” rating in a research note on Thursday, June 13th. Evercore ISI raised their price target on SL Green Realty from $54.00 to $55.00 and gave the stock an “underperform” rating in a research note on Wednesday, August 28th. Scotiabank increased their price objective on shares of SL Green Realty from $53.00 to $68.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a report on Tuesday, August 6th. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $53.77.

About SL Green Realty

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.