Principal Financial Group Inc. reduced its stake in SL Green Realty Corp. (NYSE:SLG – Free Report) by 4.5% during the third quarter, HoldingsChannel reports. The fund owned 305,595 shares of the real estate investment trust’s stock after selling 14,240 shares during the period. Principal Financial Group Inc.’s holdings in SL Green Realty were worth $21,272,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of SLG. Venturi Wealth Management LLC grew its position in SL Green Realty by 272.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 272 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of SL Green Realty during the second quarter valued at approximately $29,000. Point72 DIFC Ltd purchased a new position in SL Green Realty in the 3rd quarter worth approximately $35,000. Friedenthal Financial purchased a new position in SL Green Realty in the 3rd quarter worth approximately $49,000. Finally, Rothschild Investment LLC bought a new position in SL Green Realty in the 2nd quarter valued at approximately $55,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on SLG shares. Compass Point boosted their price target on SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $44.00 to $66.00 in a research report on Friday, September 13th. Evercore ISI raised their price target on shares of SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Piper Sandler reissued an “overweight” rating and set a $90.00 price objective (up from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Finally, BMO Capital Markets restated an “outperform” rating and issued a $87.00 target price (up previously from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $68.67.
SL Green Realty Stock Performance
NYSE SLG opened at $68.30 on Thursday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. SL Green Realty Corp. has a twelve month low of $41.81 and a twelve month high of $82.81. The business has a 50-day moving average price of $75.83 and a 200-day moving average price of $67.69. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of -27.32, a price-to-earnings-growth ratio of 4.26 and a beta of 1.81.
SL Green Realty (NYSE:SLG – Get Free Report) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The company had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same quarter in the prior year, the company posted $1.27 EPS. As a group, equities research analysts predict that SL Green Realty Corp. will post 7.82 EPS for the current fiscal year.
SL Green Realty Increases Dividend
The company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.2575 dividend. This represents a $3.09 annualized dividend and a dividend yield of 4.52%. This is a boost from SL Green Realty’s previous monthly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. SL Green Realty’s payout ratio is -123.60%.
SL Green Realty Company Profile
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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