Public Employees Retirement Association of Colorado Reduces Stake in SL Green Realty Corp. (NYSE:SLG)

Public Employees Retirement Association of Colorado lessened its position in shares of SL Green Realty Corp. (NYSE:SLG) by 11.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,480 shares of the real estate investment trust’s stock after selling 962 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in SL Green Realty were worth $424,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of SLG. GAMMA Investing LLC grew its stake in shares of SL Green Realty by 6.3% during the 1st quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock valued at $182,000 after purchasing an additional 196 shares during the period. CIBC Asset Management Inc grew its position in SL Green Realty by 6.2% during the fourth quarter. CIBC Asset Management Inc now owns 7,093 shares of the real estate investment trust’s stock valued at $320,000 after buying an additional 414 shares during the period. Louisiana State Employees Retirement System increased its holdings in SL Green Realty by 1.6% during the second quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the real estate investment trust’s stock valued at $1,846,000 after buying an additional 500 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in SL Green Realty in the second quarter worth approximately $29,000. Finally, Envestnet Asset Management Inc. boosted its stake in shares of SL Green Realty by 1.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 39,786 shares of the real estate investment trust’s stock worth $2,253,000 after acquiring an additional 557 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on SLG shares. The Goldman Sachs Group raised their target price on SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Wednesday, July 31st. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $44.00 to $66.00 in a research report on Friday, September 13th. Piper Sandler increased their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Truist Financial raised their target price on shares of SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Finally, Wells Fargo & Company upped their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 11th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $59.64.

SL Green Realty Stock Performance

Shares of NYSE SLG opened at $69.44 on Friday. The company has a market cap of $4.57 billion, a P/E ratio of -8.41, a P/E/G ratio of 2.25 and a beta of 1.83. SL Green Realty Corp. has a 52-week low of $28.55 and a 52-week high of $73.80. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.59 and a current ratio of 2.59. The firm’s fifty day moving average is $65.27 and its two-hundred day moving average is $57.57.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $222.82 million for the quarter, compared to analysts’ expectations of $133.83 million. During the same period in the previous year, the firm posted $1.43 earnings per share. The business’s revenue was down 9.4% compared to the same quarter last year. As a group, analysts anticipate that SL Green Realty Corp. will post 7.58 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.32%. SL Green Realty’s dividend payout ratio is currently -36.32%.

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.