Corient Private Wealth LP Acquires New Shares in SL Green Realty Corporation $SLG

Key Points

• Corient Private Wealth acquired 23,995 shares of SL Green Realty during the second quarter, valued at approximately $1.24 million. Institutional investors collectively own 89.96% of the REIT.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $56.83; recent targets range from $52 to $60.
• SL Green reported quarterly revenue of $264 million, up 16.5% year over year, and exceeded EPS expectations. The company maintains a quarterly dividend of $0.6175 per share, representing a 4.4% annualized yield.

Corient Private Wealth LP acquired a new stake in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 23,995 shares of the real estate investment trust's stock, valued at approximately $1,242,000.

A number of other hedge funds have also bought and sold shares of the business. AQR Capital Management LLC lifted its stake in SL Green Realty by 74.8% during the 1st quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust's stock valued at $1,519,000 after acquiring an additional 11,506 shares during the period. United Services Automobile Association purchased a new position in shares of SL Green Realty in the 1st quarter worth $253,000. Empowered Funds LLC boosted its stake in shares of SL Green Realty by 10.9% in the 1st quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust's stock worth $425,000 after buying an additional 722 shares during the last quarter. Creative Planning bought a new stake in shares of SL Green Realty in the second quarter worth $421,000. Finally, California Public Employees Retirement System increased its position in shares of SL Green Realty by 4.6% during the 2nd quarter. California Public Employees Retirement System now owns 131,528 shares of the real estate investment trust's stock valued at $8,142,000 after purchasing an additional 5,789 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

Insider Activity

In related news, insider Harrison Sitomer sold 23,113 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the completion of the sale, the insider owned 109,468 shares in the company, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.94% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SLG. Wells Fargo & Company set a $56.50 price target on SL Green Realty and gave the company an "equal weight" rating in a report on Tuesday. Evercore cut SL Green Realty from an "outperform" rating to an "in-line" rating and set a $56.00 price target on the stock. in a report on Monday, July 6th. Citigroup reiterated a "buy" rating and issued a $60.00 price target (up from $45.00) on shares of SL Green Realty in a report on Friday, July 24th. BMO Capital Markets reiterated an "outperform" rating and issued a $60.00 price target (up from $52.00) on shares of SL Green Realty in a research note on Monday, July 27th. Finally, Barclays set a $52.00 price objective on shares of SL Green Realty and gave the company an "equal weight" rating in a report on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $56.83.

SL Green Realty Trading Up 1.2%

SLG opened at $55.56 on Friday. The firm has a market cap of $3.95 billion, a P/E ratio of -20.35, a P/E/G ratio of 2.37 and a beta of 1.60. SL Green Realty Corporation has a 12 month low of $34.77 and a 12 month high of $66.29. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05. The stock has a 50-day moving average of $54.07 and a 200 day moving average of $46.37.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.59) by $0.21. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The company had revenue of $264.00 million during the quarter, compared to the consensus estimate of $179.01 million. During the same period last year, the company earned $1.63 earnings per share. SL Green Realty's revenue was up 16.5% on a year-over-year basis. As a group, research analysts forecast that SL Green Realty Corporation will post 5.53 EPS for the current year.

SL Green Realty Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.6175 per share. This represents a $2.47 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, June 30th. SL Green Realty's payout ratio is currently -90.48%.

About SL Green Realty

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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