Allianz Asset Management GmbH Has $26.28 Million Stock Holdings in SL Green Realty Corporation $SLG

Key Points

• Allianz Asset Management GmbH has reduced its holdings in SL Green Realty by 9.2%, now owning approximately 424,628 shares worth $26.28 million.
• Recent analyst reports show a mix of ratings: six analysts rate the stock as a Buy, ten as Hold, and one as Sell, with an average target price of $67.19.
• SL Green Realty announced a dividend of $0.2575 per share to be paid on November 17, representing a 5.9% dividend yield.

Allianz Asset Management GmbH trimmed its position in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 9.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 424,628 shares of the real estate investment trust's stock after selling 42,903 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.60% of SL Green Realty worth $26,284,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Fourth Dimension Wealth LLC boosted its stake in shares of SL Green Realty by 54.5% during the first quarter. Fourth Dimension Wealth LLC now owns 1,700 shares of the real estate investment trust's stock valued at $98,000 after purchasing an additional 600 shares in the last quarter. State of Wyoming bought a new position in shares of SL Green Realty during the first quarter worth about $172,000. KBC Group NV raised its position in shares of SL Green Realty by 20.9% during the first quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust's stock worth $193,000 after acquiring an additional 577 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of SL Green Realty by 13.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,889 shares of the real estate investment trust's stock worth $224,000 after acquiring an additional 466 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of SL Green Realty during the second quarter worth about $225,000. 89.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Truist Financial raised their price objective on SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a research report on Friday, July 18th. LADENBURG THALM/SH SH started coverage on SL Green Realty in a report on Monday, October 13th. They issued a "neutral" rating and a $63.00 target price for the company. Jefferies Financial Group upgraded SL Green Realty from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $57.00 to $63.00 in a report on Monday, October 13th. Bank of America lowered their target price on SL Green Realty from $64.00 to $61.00 and set a "neutral" rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. lifted their target price on SL Green Realty from $69.00 to $71.00 and gave the stock a "neutral" rating in a report on Thursday, October 9th. Six investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $67.19.

SL Green Realty Trading Down 2.6%

NYSE SLG opened at $52.45 on Friday. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 5,250.35 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 business has a 50 day moving average price of $58.31 and a 200-day moving average price of $58.03. The company has a quick ratio of 2.72, a current ratio of 3.22 and a debt-to-equity ratio of 1.04.

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 firm had revenue of $149.67 million during the quarter, compared to the consensus estimate of $170.27 million. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The company's quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.26 earnings per share. As a group, equities analysts expect that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a dividend of $0.2575 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a c) annualized dividend and a dividend yield of 5.9%. SL Green Realty's payout ratio is presently 30,900.00%.

Insider Activity

In related news, Director Carol N. Brown sold 937 shares of SL Green Realty stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total transaction of $59,115.33. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.04% of the stock is currently owned by insiders.

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.

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