Principal Financial Group Inc. Boosts Holdings in SL Green Realty Corporation (NYSE:SLG)

Principal Financial Group Inc. grew its position in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 348,870 shares of the real estate investment trust's stock after purchasing an additional 6,112 shares during the period. Principal Financial Group Inc. owned 0.49% of SL Green Realty worth $20,130,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Walleye Capital LLC acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $857,000. KBC Group NV boosted its stake in shares of SL Green Realty by 20.9% during the 1st quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust's stock worth $193,000 after purchasing an additional 577 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $1,832,000. Cambridge Investment Research Advisors Inc. boosted its stake in shares of SL Green Realty by 6.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,741 shares of the real estate investment trust's stock worth $389,000 after purchasing an additional 384 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in shares of SL Green Realty by 13.5% during the 4th quarter. Thrivent Financial for Lutherans now owns 57,780 shares of the real estate investment trust's stock worth $3,924,000 after purchasing an additional 6,882 shares during the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SLG shares. JPMorgan Chase & Co. cut their price objective on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a report on Wednesday. Piper Sandler cut their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Wells Fargo & Company cut their price objective on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a report on Monday, May 19th. Truist Financial cut their price objective on shares of SL Green Realty from $62.00 to $54.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Finally, Jefferies Financial Group started coverage on shares of SL Green Realty in a report on Monday, March 17th. They set a "hold" rating and a $58.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, SL Green Realty has a consensus rating of "Hold" and an average price target of $65.60.

SL Green Realty Trading Up 0.7%

NYSE SLG traded up $0.43 during mid-day trading on Friday, hitting $63.93. The company's stock had a trading volume of 841,408 shares, compared to its average volume of 879,336. SL Green Realty Corporation has a 52-week low of $45.15 and a 52-week high of $82.81. The stock's fifty day simple moving average is $60.37 and its two-hundred day simple moving average is $60.44. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.85 and a quick ratio of 2.85. The firm has a market capitalization of $4.56 billion, a P/E ratio of -152.20 and a beta of 1.65.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 EPS for the quarter, beating the consensus estimate of $1.27 by $0.13. SL Green Realty had a negative net margin of 1.30% and a negative return on equity of 0.98%. The firm had revenue of $144.52 million for the quarter, compared to analyst estimates of $158.44 million. Research analysts expect that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.2575 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.61%. SL Green Realty's dividend payout ratio is currently -735.71%.

SL Green Realty Company 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.