Cambridge Investment Research Advisors Inc. Reduces Stock Position in SL Green Realty Corp. (NYSE:SLG)

Cambridge Investment Research Advisors Inc. decreased its stake in shares of SL Green Realty Corp. (NYSE:SLG) by 1.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 23,410 shares of the real estate investment trust’s stock after selling 245 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in SL Green Realty were worth $1,326,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SLG. Vanguard Group Inc. raised its holdings in shares of SL Green Realty by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock worth $572,524,000 after acquiring an additional 60,032 shares during the period. Wellington Management Group LLP raised its stake in SL Green Realty by 7.6% during the fourth quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock worth $50,363,000 after purchasing an additional 78,322 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in SL Green Realty by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,024,383 shares of the real estate investment trust’s stock valued at $46,271,000 after purchasing an additional 30,289 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of SL Green Realty by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock valued at $45,906,000 after buying an additional 14,167 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in shares of SL Green Realty by 24.7% during the 1st quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock worth $44,067,000 after buying an additional 158,268 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Price Performance

SL Green Realty stock opened at $64.83 on Thursday. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty Corp. has a 52-week low of $28.55 and a 52-week high of $68.92. The firm has a market cap of $4.22 billion, a PE ratio of -7.85, a price-to-earnings-growth ratio of 2.09 and a beta of 1.83. The company’s 50 day moving average is $61.96 and its two-hundred day moving average is $55.35.

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

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.63%. The ex-dividend date is Friday, August 30th. SL Green Realty’s payout ratio is presently -36.32%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SLG shares. BMO Capital Markets increased their price objective on 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 increased their price target on SL Green Realty from $31.00 to $37.00 and gave the stock a “sell” rating in a report on Thursday, June 13th. Piper Sandler boosted their price objective on shares of SL Green Realty from $58.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. The Goldman Sachs Group upped their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Finally, Bank of America lifted their price target on shares of SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Six research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $53.77.

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.