Legal & General Group Plc Raises Stake in SL Green Realty Corporation $SLG

Legal & General Group Plc lifted its position in SL Green Realty Corporation (NYSE:SLG) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 571,311 shares of the real estate investment trust’s stock after purchasing an additional 12,924 shares during the period. Legal & General Group Plc owned about 0.80% of SL Green Realty worth $35,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. boosted its holdings in SL Green Realty by 67.8% in the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 253 shares during the period. MAI Capital Management grew its position in shares of SL Green Realty by 25.9% during the second quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 203 shares in the last quarter. Allworth Financial LP raised its stake in SL Green Realty by 2,432.8% during the 2nd quarter. Allworth Financial LP now owns 1,697 shares of the real estate investment trust’s stock valued at $105,000 after purchasing an additional 1,630 shares during the period. State of Wyoming purchased a new position in SL Green Realty in the 1st quarter worth approximately $172,000. Finally, Profund Advisors LLC bought a new position in SL Green Realty in the 2nd quarter worth approximately $210,000. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Stock Performance

Shares of NYSE:SLG opened at $47.33 on Thursday. The firm has a fifty day simple moving average of $53.46 and a two-hundred day simple moving average of $57.44. SL Green Realty Corporation has a 52 week low of $42.92 and a 52 week high of $79.51. The company has a quick ratio of 2.72, a current ratio of 3.22 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $3.38 billion, a P/E ratio of 4,737.64 and a beta of 1.75.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The firm had revenue of $244.82 million during the quarter, compared to the consensus estimate of $170.27 million. During the same quarter last year, the firm earned $1.26 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, analysts expect that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a dividend of $0.2575 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a c) annualized dividend and a dividend yield of 6.5%. SL Green Realty’s payout ratio is currently 30,900.00%.

Analyst Ratings Changes

SLG has been the topic of several research analyst reports. Piper Sandler reissued an “overweight” rating on shares of SL Green Realty in a report on Wednesday, October 22nd. Citigroup upgraded shares of SL Green Realty from a “neutral” rating to a “buy” rating and lifted their price target for the company from $65.00 to $70.00 in a report on Friday, September 12th. Evercore ISI dropped their price objective on shares of SL Green Realty from $72.00 to $63.00 and set an “outperform” rating for the company in a report on Monday, October 20th. Wells Fargo & Company cut their price objective on SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th. Finally, Truist Financial set a $54.00 target price on SL Green Realty and gave the stock a “hold” rating in a research report on Tuesday, October 21st. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, SL Green Realty presently has an average rating of “Hold” and an average price target of $64.33.

Insider Buying and Selling at SL Green Realty

In related news, Director Carol N. Brown sold 937 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total transaction of $59,115.33. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.04% of the company’s stock.

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.