Northwestern Mutual Wealth Management Co. Purchases New Position in SL Green Realty Corporation $SLG

Key Points

• Northwestern Mutual Wealth Management acquired 26,794 shares of SL Green Realty in the second quarter, valued at approximately $1.39 million. Institutional investors collectively own 89.96% of the REIT’s shares.
• Analysts maintain a generally neutral outlook, with an average rating of “Hold” and an average price target of $56.20; targets range from $44 to $79.
• SL Green reported better-than-expected quarterly results, posting a loss of $0.38 per share versus the $0.59 expected and revenue of $264 million. The company also declared a quarterly dividend of $0.6175 per share, representing a 4.1% annualized yield.

Northwestern Mutual Wealth Management Co. acquired a new position in SL Green Realty Corporation (NYSE:SLG - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 26,794 shares of the real estate investment trust's stock, valued at approximately $1,387,000.

A number of other hedge funds have also bought and sold shares of the business. Triumph Capital Management purchased a new position in shares of SL Green Realty in the third quarter valued at $45,000. Davis Capital Management bought a new stake in SL Green Realty during the 1st quarter worth approximately $46,000. Global Retirement Partners LLC purchased a new stake in shares of SL Green Realty in the second quarter worth $53,000. Fourth Dimension Wealth LLC boosted its position in shares of SL Green Realty by 45.5% during the 4th quarter. Fourth Dimension Wealth LLC now owns 1,600 shares of the real estate investment trust's stock valued at $73,000 after acquiring an additional 500 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its position in SL Green Realty by 30.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust's stock valued at $74,000 after purchasing an additional 378 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on SL Green Realty from $40.00 to $44.00 and gave the company an "equal weight" rating in a research note on Monday, June 1st. Evercore cut shares of SL Green Realty from an "outperform" rating to an "in-line" rating and set a $56.00 target price for the company. in a research report on Monday, July 6th. Barclays set a $52.00 target price on shares of SL Green Realty and gave the company an "equal weight" rating in a research note on Tuesday, July 21st. Morgan Stanley set a $52.00 price objective on SL Green Realty and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Finally, Piper Sandler set a $79.00 target price on SL Green Realty and gave the stock an "overweight" rating in a research report on Friday, July 24th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, SL Green Realty presently has an average rating of "Hold" and an average target price of $56.20.

SL Green Realty Price Performance

Shares of SLG stock opened at $59.85 on Wednesday. The company's 50-day simple moving average is $53.09 and its two-hundred day simple moving average is $45.58. The company has a market capitalization of $4.26 billion, a P/E ratio of -21.92, a P/E/G ratio of 2.57 and a beta of 1.58. SL Green Realty Corporation has a one year low of $34.77 and a one year high of $66.29. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.10 and a quick ratio of 3.10.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.21. The firm had revenue of $264.00 million during the quarter, compared to analysts' expectations of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The company's revenue was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.63 EPS. As a group, equities analysts anticipate that SL Green Realty Corporation will post 5.44 EPS for the current year.

SL Green Realty Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.6175 dividend. This represents a $2.47 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Tuesday, June 30th. SL Green Realty's payout ratio is presently -90.48%.

Insider Activity at SL Green Realty

In related news, insider Harrison Sitomer sold 23,113 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the completion of the sale, the insider directly owned 109,468 shares in the company, valued at $6,317,398.28. This represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 5.94% of the company's stock.

SL Green Realty Company Profile

SL Green Realty Corp. NYSE: SLG is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City's largest office landlords, the company's portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.

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