Fox Run Management L.L.C. Sells 18,370 Shares of SL Green Realty Corporation $SLG

Key Points

• Fox Run Management L.L.C. drastically reduced its stake in SL Green Realty Corporation by 75.6%, selling 18,370 shares and leaving it with 5,926 shares valued at $342,000.
• Several hedge funds increased their positions in SL Green, indicating interest in the stock, with Norinchukin Bank growing its stake by 6.6% during the fourth quarter.
• SL Green Realty announced a dividend of $0.2575 per share to be paid on September 15, 2023, with an ex-dividend date of August 29, 2023.

Fox Run Management L.L.C. lowered its position in SL Green Realty Corporation (NYSE:SLG - Free Report) by 75.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,926 shares of the real estate investment trust's stock after selling 18,370 shares during the quarter. Fox Run Management L.L.C.'s holdings in SL Green Realty were worth $342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fourth Dimension Wealth LLC acquired a new position in shares of SL Green Realty in the fourth quarter valued at approximately $75,000. GF Fund Management CO. LTD. bought a new stake in SL Green Realty in the fourth quarter valued at approximately $80,000. Sterling Capital Management LLC boosted its holdings in SL Green Realty by 909.4% in the fourth quarter. Sterling Capital Management LLC now owns 2,261 shares of the real estate investment trust's stock valued at $154,000 after acquiring an additional 2,037 shares during the last quarter. Norinchukin Bank The boosted its holdings in SL Green Realty by 6.6% in the fourth quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust's stock valued at $212,000 after acquiring an additional 192 shares during the last quarter. Finally, KBC Group NV boosted its holdings in SL Green Realty by 20.9% in the first quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust's stock valued at $193,000 after acquiring an additional 577 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company's stock.

Insider Activity

In related news, Director Carol N. Brown sold 2,500 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the transaction, the director directly owned 937 shares in the company, valued at $56,791.57. This trade represents a 72.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.04% of the stock is currently owned by corporate insiders.

SL Green Realty Trading Up 3.7%

Shares of SLG stock traded up $2.0020 during trading hours on Friday, hitting $56.8020. 793,918 shares of the company were exchanged, compared to its average volume of 852,494. The firm has a market cap of $4.05 billion, a P/E ratio of -105.19 and a beta of 1.69. SL Green Realty Corporation has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.72 and a current ratio of 2.72. The company has a 50 day simple moving average of $59.48 and a two-hundred day simple moving average of $58.61.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $147.54 million during the quarter, compared to the consensus estimate of $171.24 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The company's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.05 EPS. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. Equities analysts anticipate that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently announced a aug 25 dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $0.2575 dividend. This represents a dividend yield of 560.0%. The ex-dividend date is Friday, August 29th. SL Green Realty's dividend payout ratio (DPR) is currently -572.22%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Barclays reduced their target price on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Truist Financial upped their target price on SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a report on Friday, July 18th. Wells Fargo & Company reduced their target price on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a report on Monday, May 19th. Evercore ISI reduced their target price on SL Green Realty from $74.00 to $73.00 and set an "outperform" rating on the stock in a report on Monday, August 18th. Finally, Scotiabank upgraded SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 target price on the stock in a report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $67.29.

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.