Thrivent Financial for Lutherans Trims Stock Position in SL Green Realty Corp. (NYSE:SLG)

Thrivent Financial for Lutherans trimmed its holdings in SL Green Realty Corp. (NYSE:SLG) by 5.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 50,898 shares of the real estate investment trust’s stock after selling 2,900 shares during the period. Thrivent Financial for Lutherans’ holdings in SL Green Realty were worth $3,543,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Lighthouse Investment Partners LLC lifted its stake in shares of SL Green Realty by 150.0% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after purchasing an additional 90,000 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of SL Green Realty by 9.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after purchasing an additional 88,309 shares during the last quarter. Swedbank AB purchased a new stake in SL Green Realty in the 1st quarter valued at about $4,675,000. Waterfall Asset Management LLC acquired a new position in SL Green Realty in the second quarter valued at about $3,172,000. Finally, Edgestream Partners L.P. boosted its stake in SL Green Realty by 40.1% during the second quarter. Edgestream Partners L.P. now owns 122,880 shares of the real estate investment trust’s stock worth $6,960,000 after buying an additional 35,178 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Trading Down 0.8 %

NYSE:SLG opened at $78.99 on Tuesday. The company has a market capitalization of $5.21 billion, a PE ratio of -31.60, a P/E/G ratio of 2.10 and a beta of 1.82. SL Green Realty Corp. has a 52-week low of $32.78 and a 52-week high of $82.81. The stock’s 50 day moving average price is $74.06 and its 200 day moving average price is $64.55. 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 (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $1.21 by ($1.42). The firm had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same period in the previous year, the company posted $1.27 earnings per share. On average, research analysts anticipate that SL Green Realty Corp. will post 7.6 EPS for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.25 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.00 dividend on an annualized basis and a yield of 3.80%. SL Green Realty’s dividend payout ratio is presently -120.00%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SLG. Morgan Stanley boosted their price target on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 9th. Barclays boosted their target price on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Compass Point set a $65.00 price target on SL Green Realty and gave the stock a “neutral” rating in a research report on Friday, October 18th. The Goldman Sachs Group boosted their price objective on SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Finally, Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and raised their target price for the company from $44.00 to $66.00 in a report on Friday, September 13th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, SL Green Realty has an average rating of “Hold” and a consensus price target of $66.00.

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.