Independent Advisor Alliance Sells 21,126 Shares of SL Green Realty Corporation (NYSE:SLG)

Key Points

• Independent Advisor Alliance reduced its holdings in SL Green Realty by 84.7% during the first quarter, selling 21,126 shares and now owns only 3,806 shares worth $220,000.
• SL Green Realty reported earnings of $1.63 per share for the latest quarter, exceeding analysts' expectations of $1.37, but also experienced a negative net margin of 2.21%.
• The real estate investment trust declared a dividend with a yield of 510.0%, although its payout ratio stands at -572.22%, indicating financial strains in dividend sustainability.

Independent Advisor Alliance trimmed its holdings in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 84.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 3,806 shares of the real estate investment trust's stock after selling 21,126 shares during the period. Independent Advisor Alliance's holdings in SL Green Realty were worth $220,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of SL Green Realty by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock worth $641,238,000 after purchasing an additional 283,009 shares in the last quarter. Nuveen Asset Management LLC increased its position in SL Green Realty by 3.0% in the 4th quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust's stock valued at $111,179,000 after acquiring an additional 46,988 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in SL Green Realty by 8.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,554,977 shares of the real estate investment trust's stock valued at $89,722,000 after acquiring an additional 126,969 shares in the last quarter. Nuveen LLC acquired a new stake in SL Green Realty in the 1st quarter valued at about $87,878,000. Finally, Alyeska Investment Group L.P. increased its position in SL Green Realty by 30.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,493,208 shares of the real estate investment trust's stock valued at $101,419,000 after acquiring an additional 347,608 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company's stock.

SL Green Realty Stock Down 0.6%

SL Green Realty stock opened at $54.17 on Friday. The company's 50 day simple moving average is $60.48 and its 200 day simple moving average is $59.00. SL Green Realty Corporation has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of -100.31 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 2.85.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $147.54 million for the quarter, compared to analyst estimates of $171.24 million. During the same quarter in the previous year, the firm posted $2.05 earnings per share. The business's revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts anticipate that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

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

Insiders Place Their Bets

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction that occurred on Friday, July 18th. The shares were 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 approximately $56,791.57. The trade was a 72.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 5.04% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Barclays lowered their price target on shares of SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of SL Green Realty in a research report on Friday, May 23rd. JPMorgan Chase & Co. lowered their price target on shares of 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 shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a research report on Monday, May 19th. Finally, Truist Financial lifted their price target on shares of SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a research report on Friday, July 18th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average 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.

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