SL Green Realty Corporation (NYSE:SLG) Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH reduced its stake in SL Green Realty Corporation (NYSE:SLG - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 467,531 shares of the real estate investment trust's stock after selling 66,628 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.66% of SL Green Realty worth $26,977,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quadrant Capital Group LLC increased its stake in SL Green Realty by 37.4% during the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust's stock worth $52,000 after acquiring an additional 208 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in SL Green Realty in the 4th quarter valued at about $75,000. GF Fund Management CO. LTD. purchased a new stake in SL Green Realty in the 4th quarter valued at about $80,000. Summit Securities Group LLC acquired a new position in SL Green Realty in the fourth quarter valued at about $88,000. Finally, FIL Ltd boosted its stake in SL Green Realty by 53.3% during the fourth quarter. FIL Ltd now owns 1,582 shares of the real estate investment trust's stock worth $107,000 after buying an additional 550 shares during the period. 89.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SLG. Truist Financial boosted their price target on shares of SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company cut their target price on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Monday, May 19th. Wall Street Zen lowered SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. JPMorgan Chase & Co. cut their price objective on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Finally, Piper Sandler lowered their target price on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SL Green Realty has an average rating of "Hold" and a consensus price target of $65.60.

Insider Activity at SL Green Realty

In related news, Director Carol N. Brown sold 2,500 shares of the business's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $60.61, for a total value of $151,525.00. Following the completion of the sale, the director directly owned 937 shares of the company's stock, valued at $56,791.57. The trade was a 72.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.04% of the stock is owned by company insiders.

SL Green Realty Stock Up 2.1%

SL Green Realty stock traded up $1.24 during midday trading on Friday, reaching $60.60. The company's stock had a trading volume of 710,708 shares, compared to its average volume of 1,139,206. The company has a market cap of $4.32 billion, a P/E ratio of -112.21 and a beta of 1.65. The company has a quick ratio of 2.85, a current ratio of 2.72 and a debt-to-equity ratio of 0.98. The business has a 50-day simple moving average of $61.27 and a 200-day simple moving average of $59.98. SL Green Realty Corporation has a fifty-two week low of $45.15 and a fifty-two week high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.26. The business had revenue of $147.54 million for the quarter, compared to analyst estimates of $171.24 million. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. The business's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned $2.05 EPS. On average, research 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 jul 25 dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a $0.2575 dividend. This represents a dividend yield of 5.1%. The ex-dividend date of this dividend is Thursday, July 31st. SL Green Realty's dividend payout ratio (DPR) is -572.22%.

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.