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

A number of other institutional investors have also added to or reduced their stakes in SLG. Vision Capital Corp bought a new stake in SL Green Realty during the first quarter worth about $11,540,000. Resona Asset Management Co. Ltd. lifted its position in SL Green Realty by 7.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 30,492 shares of the real estate investment trust's stock worth $1,755,000 after buying an additional 2,217 shares during the last quarter. Public Sector Pension Investment Board lifted its position in SL Green Realty by 26.1% in the 1st quarter. Public Sector Pension Investment Board now owns 222,138 shares of the real estate investment trust's stock worth $12,817,000 after buying an additional 45,989 shares during the last quarter. Nuveen LLC purchased a new stake in SL Green Realty in the first quarter worth approximately $87,878,000. Finally, Wolverine Asset Management LLC grew its position in SL Green Realty by 156.1% during the first quarter. Wolverine Asset Management LLC now owns 12,716 shares of the real estate investment trust's stock valued at $734,000 after acquiring an additional 7,750 shares during the last quarter. Institutional investors own 89.96% of the company's stock.

Insider Buying and Selling at SL Green Realty

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

SL Green Realty Trading Down 1.1%

SL Green Realty stock traded down $0.6250 during mid-day trading on Monday, reaching $56.1750. 643,272 shares of the company traded hands, compared to its average volume of 856,655. The firm's 50 day moving average price is $59.28 and its 200 day moving average price is $58.48. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of -104.03 and a beta of 1.69. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.72. SL Green Realty Corporation has a 52-week low of $45.15 and a 52-week high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.26. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%.The business had revenue of $147.54 million for the quarter, compared to analysts' expectations of $171.24 million. During the same period in the previous year, the firm posted $2.05 EPS. The business's revenue was up 8.6% on a year-over-year basis. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. On average, analysts anticipate that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Wells Fargo & Company decreased their target price on shares of 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 shares of SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Truist Financial raised their price objective on SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research note on Friday, July 18th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Four analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, SL Green Realty presently has a consensus rating of "Hold" and a consensus price target of $67.29.

About SL Green Realty

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.