Aberdeen Group plc Has $9.13 Million Position in SL Green Realty Corporation $SLG

Key Points

• Aberdeen Group plc has reduced its stake in SL Green Realty by 9.1%, now owning approximately $9.13 million worth of shares after selling 14,848 during the second quarter.
• Major institutional investors have recently increased their positions in SL Green Realty, with Fourth Dimension Wealth LLC boosting its holdings by 54.5% in the first quarter.
• Multiple research firms have upgraded SL Green Realty's stock rating; notable upgrades include Jefferies Financial Group raising its rating from "neutral" to "buy" and increasing the price target from $57 to $63.

Aberdeen Group plc reduced its stake in SL Green Realty Corporation (NYSE:SLG - Free Report) by 9.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 147,446 shares of the real estate investment trust's stock after selling 14,848 shares during the period. Aberdeen Group plc owned about 0.21% of SL Green Realty worth $9,127,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Fourth Dimension Wealth LLC boosted its position in SL Green Realty by 54.5% during the 1st quarter. Fourth Dimension Wealth LLC now owns 1,700 shares of the real estate investment trust's stock worth $98,000 after buying an additional 600 shares during the period. State of Wyoming acquired a new position in shares of SL Green Realty in the 1st quarter worth approximately $172,000. KBC Group NV lifted its position in shares of SL Green Realty by 20.9% in the 1st quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust's stock worth $193,000 after purchasing an additional 577 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in shares of SL Green Realty by 13.6% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,889 shares of the real estate investment trust's stock worth $224,000 after purchasing an additional 466 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of SL Green Realty in the 2nd quarter worth approximately $225,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SL Green Realty news, Director Carol N. Brown sold 937 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $63.09, for a total transaction of $59,115.33. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.04% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on SLG. Jefferies Financial Group upgraded shares of SL Green Realty from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $57.00 to $63.00 in a research note on Monday. JPMorgan Chase & Co. boosted their price target on shares of SL Green Realty from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Thursday, October 9th. Evercore ISI decreased their price target on shares of SL Green Realty from $76.00 to $72.00 and set an "outperform" rating for the company in a research note on Thursday, October 9th. LADENBURG THALM/SH SH started coverage on shares of SL Green Realty in a research note on Monday. They set a "neutral" rating and a $63.00 price target for the company. Finally, Citigroup upgraded shares of SL Green Realty from a "neutral" rating to a "buy" rating and upped their target price for the stock from $65.00 to $70.00 in a research note on Friday, September 12th. Six investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, SL Green Realty currently has an average rating of "Hold" and an average target price of $67.94.

SL Green Realty Price Performance

NYSE SLG opened at $57.39 on Thursday. The company has a market cap of $4.09 billion, a PE ratio of -106.27 and a beta of 1.77. SL Green Realty Corporation has a 52 week low of $45.15 and a 52 week high of $82.81. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.98. The firm's 50-day simple moving average is $58.34 and its two-hundred day simple moving average is $58.10.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings data on Wednesday, October 15th. The real estate investment trust reported $1.58 EPS for the quarter, beating the consensus estimate of $1.34 by $0.24. The business had revenue of $149.67 million for the quarter, compared to the consensus estimate of $170.27 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The company's revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.26 earnings per share. Research analysts predict that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a sep 25 dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a dividend of $0.2575 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a yield of 517.0%. SL Green Realty's dividend payout ratio is -572.22%.

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.

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