Russell Investments Group Ltd. Sells 390,722 Shares of SL Green Realty Corporation (NYSE:SLG)

Key Points

• Russell Investments Group Ltd. reduced its stake in SL Green Realty Corporation by 54.3%, selling 390,722 shares and owning approximately 0.46% of the company worth $19 million as of its latest SEC filing.
• Institutional investors hold 89.96% of SL Green Realty, with several firms notably increasing their positions during the last quarter.
• SL Green Realty reported an EPS of $1.63, surpassing analysts' expectations, but had a revenue of $147.54 million which fell short of anticipated figures.

Russell Investments Group Ltd. lowered its position in SL Green Realty Corporation (NYSE:SLG - Free Report) by 54.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 329,291 shares of the real estate investment trust's stock after selling 390,722 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.46% of SL Green Realty worth $19,000,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SLG. LPL Financial LLC grew its position in shares of 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 buying an additional 844 shares in the last quarter. Bank of Montreal Can lifted its stake in SL Green Realty by 3.3% in 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 acquiring an additional 602 shares during the period. Raymond James Financial Inc. bought a new position in SL Green Realty during the 4th quarter worth about $1,275,000. Sterling Capital Management LLC increased its position in SL Green Realty by 909.4% during the 4th quarter. Sterling Capital Management LLC now owns 2,261 shares of the real estate investment trust's stock valued at $154,000 after purchasing an additional 2,037 shares during the period. Finally, Summit Investment Advisors Inc. increased its position in SL Green Realty by 12.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,375 shares of the real estate investment trust's stock valued at $501,000 after purchasing an additional 827 shares during the period. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $60.61, for a total transaction of $151,525.00. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.04% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. 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. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of SL Green Realty in a report on Friday, May 23rd. Truist Financial lifted their price target on SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a report on Friday, July 18th. Wall Street Zen lowered SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Finally, Barclays dropped their price objective on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $67.29.

SL Green Realty Price Performance

Shares of SLG stock opened at $54.17 on Friday. SL Green Realty Corporation has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.85 and a current ratio of 2.72. 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 stock's 50-day simple moving average is $60.48 and its 200-day simple moving average is $59.00.

SL Green Realty (NYSE:SLG - Get Free Report) last released its earnings results 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. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The company had revenue of $147.54 million during the quarter, compared to analysts' expectations of $171.24 million. During the same period last year, the business earned $2.05 EPS. SL Green Realty's revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities analysts forecast that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.