Goldman Sachs Group Inc. Increases Stake in SL Green Realty Corporation $SLG

Key Points

• Goldman Sachs Group Inc. has increased its stake in SL Green Realty Corporation by 8.3% in the first quarter, now owning 1,695,862 shares valued at $97.9 million.
• Other institutional investors have also actively traded SL Green Realty, with hedge funds now holding 89.96% of the stock, highlighting strong institutional interest in the company.
• SL Green Realty recently announced a $0.2575 per share dividend, payable on September 15th, reflecting a substantial yield of 543.0%.

Goldman Sachs Group Inc. grew its holdings in SL Green Realty Corporation (NYSE:SLG - Free Report) by 8.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,695,862 shares of the real estate investment trust's stock after buying an additional 130,206 shares during the quarter. Goldman Sachs Group Inc. owned 2.38% of SL Green Realty worth $97,851,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SLG. Nuveen LLC purchased a new stake in shares of SL Green Realty in the first quarter valued at approximately $87,878,000. Vanguard Group Inc. increased its position in shares of SL Green Realty by 2.6% in the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock valued at $641,238,000 after buying an additional 283,009 shares in the last quarter. GAMMA Investing LLC increased its position in shares of SL Green Realty by 5,759.5% in the first quarter. GAMMA Investing LLC now owns 245,629 shares of the real estate investment trust's stock valued at $14,173,000 after buying an additional 241,437 shares in the last quarter. Vision Capital Corp purchased a new stake in shares of SL Green Realty in the first quarter valued at approximately $11,540,000. Finally, Zimmer Partners LP purchased a new stake in shares of SL Green Realty in the fourth quarter valued at approximately $11,192,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SL Green Realty

In other news, Director Carol N. Brown sold 2,500 shares of the company's 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 owned 937 shares of the company's stock, valued at $56,791.57. This represents a 72.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.04% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. JPMorgan Chase & Co. cut their price objective on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Wells Fargo & Company lowered their price target on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Monday, May 19th. Scotiabank raised SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 price target on the stock in a research note on Friday, July 25th. Truist Financial lifted their price target on SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a research note on Friday, July 18th. Finally, Evercore ISI lowered their price target on SL Green Realty from $74.00 to $73.00 and set an "outperform" rating on the stock in a research note on Monday, August 18th. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, SL Green Realty has an average rating of "Hold" and a consensus price target of $67.57.

SL Green Realty Stock Performance

NYSE SLG opened at $65.71 on Friday. The stock's fifty day moving average is $58.39 and its two-hundred day moving average is $58.07. The firm has a market capitalization of $4.69 billion, a P/E ratio of -121.68 and a beta of 1.74. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.72 and a current ratio of 2.72. SL Green Realty Corporation has a fifty-two week low of $45.15 and a fifty-two week high of $82.81.

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

SL Green Realty Announces Dividend

The business also recently disclosed a aug 25 dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.2575 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a yield of 543.0%. SL Green Realty's payout ratio is -572.22%.

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.

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