Nuveen LLC Makes New Investment in SL Green Realty Corporation (NYSE:SLG)

Key Points

• Nuveen LLC has acquired over 1.5 million shares of SL Green Realty Corporation, valued at approximately $87.9 million, representing 2.14% of the company as of their latest SEC filing.
• A significant 89.96% of SL Green Realty's stock is currently owned by institutional investors and hedge funds, indicating strong institutional interest in the company.
• SL Green Realty has recently announced a dividend of $0.2575 per share, which will be paid on August 15th, and the stock currently has a negative payout ratio of -572.22%.

Nuveen LLC bought a new stake in SL Green Realty Corporation (NYSE:SLG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,523,019 shares of the real estate investment trust's stock, valued at approximately $87,878,000. Nuveen LLC owned 2.14% of SL Green Realty as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. LPL Financial LLC raised its holdings in SL Green Realty by 4.7% during the 4th quarter. LPL Financial LLC now owns 18,613 shares of the real estate investment trust's stock worth $1,264,000 after purchasing an additional 844 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of SL Green Realty by 5.9% during the 4th quarter. Wells Fargo & Company MN now owns 156,047 shares of the real estate investment trust's stock worth $10,599,000 after buying an additional 8,664 shares during the period. Bank of Montreal Can raised its stake in shares of SL Green Realty by 3.3% during the fourth quarter. Bank of Montreal Can now owns 18,653 shares of the real estate investment trust's stock worth $1,267,000 after buying an additional 602 shares during the last quarter. Invesco Ltd. raised its stake in shares of SL Green Realty by 8.7% during the fourth quarter. Invesco Ltd. now owns 1,008,124 shares of the real estate investment trust's stock worth $68,472,000 after buying an additional 80,470 shares during the last quarter. Finally, FIL Ltd lifted its holdings in SL Green Realty by 53.3% in the fourth quarter. FIL Ltd now owns 1,582 shares of the real estate investment trust's stock valued at $107,000 after buying an additional 550 shares during the period. Institutional investors own 89.96% of the company's stock.

Insider Activity

In other news, Director Carol N. Brown sold 2,500 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the completion of the transaction, the director 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.04% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on SLG. JPMorgan Chase & Co. lowered their target price on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Wall Street Zen cut SL Green Realty from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of SL Green Realty in a report on Friday, May 23rd. 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. Finally, Truist Financial upped their price target 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. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $67.29.

SL Green Realty Stock Down 1.9%

SLG stock traded down $1.04 during mid-day trading on Thursday, hitting $54.49. 737,943 shares of the company were exchanged, compared to its average volume of 1,034,076. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.85 and a current ratio of 2.72. SL Green Realty Corporation has a 1-year low of $45.15 and a 1-year high of $82.81. The firm's 50 day simple moving average is $60.69 and its 200 day simple moving average is $59.09. The firm has a market cap of $3.89 billion, a P/E ratio of -100.91 and a beta of 1.69.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, topping analysts' consensus estimates of $1.37 by $0.26. The business had revenue of $147.54 million for the quarter, compared to analyst estimates 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 firm's quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the business posted $2.05 earnings per share. On average, sell-side analysts predict that SL Green Realty Corporation will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a jul 25 dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a $0.2575 dividend. The ex-dividend date is Thursday, July 31st. This represents a dividend yield of 510.0%. SL Green Realty's dividend payout ratio (DPR) is -572.22%.

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.