Russell Investments Group Ltd. Cuts Stock Holdings in SL Green Realty Corp. (NYSE:SLG)

Russell Investments Group Ltd. cut its stake in SL Green Realty Corp. (NYSE:SLG) by 8.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 720,013 shares of the real estate investment trust’s stock after selling 67,496 shares during the period. Russell Investments Group Ltd.’s holdings in SL Green Realty were worth $48,902,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SLG. Point72 DIFC Ltd purchased a new stake in shares of SL Green Realty during the third quarter worth approximately $35,000. Jones Financial Companies Lllp acquired a new position in SL Green Realty during the 4th quarter worth approximately $39,000. Versant Capital Management Inc increased its position in shares of SL Green Realty by 17.7% in the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 157 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of SL Green Realty in the 4th quarter valued at $88,000. Finally, Blue Trust Inc. lifted its position in shares of SL Green Realty by 106.3% during the 4th quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust’s stock worth $116,000 after purchasing an additional 857 shares during the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Stock Down 4.0 %

SLG opened at $50.59 on Monday. SL Green Realty Corp. has a 52 week low of $47.22 and a 52 week high of $82.81. The business has a 50 day moving average price of $61.66 and a two-hundred day moving average price of $68.39. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. The company has a market cap of $3.61 billion, a PE ratio of 632.38, a P/E/G ratio of 5.30 and a beta of 1.61.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. As a group, research analysts anticipate that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.25. SL Green Realty’s payout ratio is currently 3,862.50%.

Insiders Place Their Bets

In related news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the transaction, the director now owns 2,052 shares of the company’s stock, valued at $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SLG shares. Mizuho increased their target price on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Jefferies Financial Group initiated coverage on SL Green Realty in a report on Monday, March 17th. They issued a “hold” rating and a $58.00 price objective on the stock. Bank of America decreased their target price on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Barclays dropped their price target on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Finally, Scotiabank reduced their price objective on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research report on Friday, February 28th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $69.87.

SL Green Realty 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.