Alyeska Investment Group L.P. Reduces Stock Position in SL Green Realty Corporation $SLG

Key Points

• Alyeska Investment Group cut its SL Green Realty stake by 30.8% in the second quarter, selling 896,163 shares and retaining 2.02 million shares worth about $104.3 million. Institutional investors collectively own 89.96% of the REIT.
• Analyst sentiment is mixed: seven analysts rate SLG a Buy, ten a Hold and two a Sell, producing a consensus Hold rating and a $56.20 average price target.
• SL Green reported quarterly revenue of $264 million, ahead of estimates, while adjusted results still reflected a loss. The company maintains a quarterly dividend of $0.6175, equivalent to a 4.3% annualized yield.

Alyeska Investment Group L.P. lessened its stake in SL Green Realty Corporation (NYSE:SLG - Free Report) by 30.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,015,548 shares of the real estate investment trust's stock after selling 896,163 shares during the period. Alyeska Investment Group L.P. owned approximately 2.83% of SL Green Realty worth $104,345,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in SL Green Realty in the second quarter valued at about $706,881,000. Cohen & Steers Inc. bought a new stake in shares of SL Green Realty during the 4th quarter valued at about $121,675,000. Deutsche Bank AG purchased a new stake in shares of SL Green Realty during the 2nd quarter valued at about $58,202,000. Goldman Sachs Group Inc. increased its position in shares of SL Green Realty by 62.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust's stock valued at $133,862,000 after purchasing an additional 1,117,357 shares during the last quarter. Finally, Norges Bank bought a new position in shares of SL Green Realty in the 4th quarter worth approximately $44,094,000. 89.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SLG. BMO Capital Markets restated an "outperform" rating and issued a $60.00 price objective (up from $52.00) on shares of SL Green Realty in a research note on Monday, July 27th. Citigroup reiterated a "buy" rating and set a $60.00 target price (up from $45.00) on shares of SL Green Realty in a research report on Friday, July 24th. Weiss Ratings reissued a "sell (d+)" rating on shares of SL Green Realty in a report on Tuesday. Piper Sandler set a $79.00 price target on SL Green Realty and gave the stock an "overweight" rating in a research report on Friday, July 24th. Finally, Evercore downgraded SL Green Realty from an "outperform" rating to an "in-line" rating and set a $56.00 price objective on the stock. in a research note on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $56.20.

SL Green Realty Stock Down 0.3%

Shares of SLG stock opened at $57.65 on Friday. The stock has a market cap of $4.10 billion, a P/E ratio of -21.12, a PEG ratio of 2.49 and a beta of 1.58. SL Green Realty Corporation has a 52 week low of $34.77 and a 52 week high of $66.29. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. The company's fifty day simple moving average is $53.57 and its two-hundred day simple moving average is $45.87.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.21. The firm had revenue of $264.00 million for the quarter, compared to analysts' expectations of $179.01 million. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The business's revenue was up 16.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.63 earnings per share. Analysts predict that SL Green Realty Corporation will post 5.53 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.6175 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.3%. SL Green Realty's dividend payout ratio (DPR) is -90.48%.

Insider Transactions at SL Green Realty

In other news, insider Harrison Sitomer sold 23,113 shares of the company's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the sale, the insider directly owned 109,468 shares in the company, valued at approximately $6,317,398.28. This represents a 17.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.94% of the stock is currently owned by insiders.

SL Green Realty Profile

SL Green Realty Corp. NYSE: SLG is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City's largest office landlords, the company's portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.

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