Envestnet Asset Management Inc. Buys 23,457 Shares of SL Green Realty Corporation (NYSE:SLG)

Key Points

• Envestnet Asset Management Inc. raised its stake in SL Green Realty Corporation by 117% during the first quarter, now owning approximately 43,513 shares valued at $2.5 million.
• Brokerages have recently adjusted their ratings on SL Green Realty, with Wall Street Zen downgrading its rating from "hold" to "sell," and overall consensus rating currently standing at "Hold" with an average target price of $65.60.
• SL Green Realty announced a dividend of $0.2575 per share, set to be paid on August 15, with a current dividend yield of 5.1%.

Envestnet Asset Management Inc. boosted its holdings in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 117.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,513 shares of the real estate investment trust's stock after purchasing an additional 23,457 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of SL Green Realty worth $2,511,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SLG. Norinchukin Bank The increased its stake in shares of SL Green Realty by 6.6% during the 4th quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust's stock worth $212,000 after purchasing an additional 192 shares during the last quarter. Quadrant Capital Group LLC raised its holdings 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 valued at $52,000 after buying an additional 208 shares in the last quarter. Two Sigma Advisers LP raised its holdings in SL Green Realty by 1.3% during the fourth quarter. Two Sigma Advisers LP now owns 24,316 shares of the real estate investment trust's stock valued at $1,652,000 after buying an additional 301 shares in the last quarter. Mariner LLC raised its holdings in SL Green Realty by 2.1% during the fourth quarter. Mariner LLC now owns 18,241 shares of the real estate investment trust's stock valued at $1,239,000 after buying an additional 379 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in SL Green Realty by 6.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,741 shares of the real estate investment trust's stock valued at $389,000 after buying an additional 384 shares in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on SLG. Wall Street Zen lowered shares of SL Green Realty from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. Piper Sandler reduced their price target on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Truist Financial boosted their target price on shares of SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a research note on Friday, July 18th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Finally, Wells Fargo & Company dropped their price target on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a research note on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $67.29.

Insider Transactions at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $60.61, for a total transaction of $151,525.00. Following the sale, the director directly owned 937 shares of the company's stock, valued at approximately $56,791.57. This represents a 72.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 5.04% of the company's stock.

SL Green Realty Stock Down 1.2%

SLG traded down $0.70 during trading hours on Friday, hitting $56.56. 299,464 shares of the company's stock were exchanged, compared to its average volume of 928,843. SL Green Realty Corporation has a 1-year low of $45.15 and a 1-year high of $82.81. The stock's 50-day moving average is $61.37 and its two-hundred day moving average is $59.87. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of -104.69 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.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, topping the consensus estimate of $1.37 by $0.26. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The business had revenue of $147.54 million during the quarter, compared to analysts' expectations of $171.24 million. During the same quarter in the prior year, the company posted $2.05 earnings per share. The firm's revenue was up 8.6% on a year-over-year basis. Sell-side analysts predict that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently declared a jul 25 dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a dividend of $0.2575 per share. This represents a yield of 510.0%. The ex-dividend date of this dividend is Thursday, July 31st. SL Green Realty's dividend payout ratio is -572.22%.

SL Green Realty Company 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.