Russell Investments Group Ltd. Lowers Holdings in SL Green Realty Corporation $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. reduced its stake in SL Green Realty Corporation (NYSE:SLG - Free Report) by 54.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 329,291 shares of the real estate investment trust's stock after selling 390,722 shares during the period. Russell Investments Group Ltd. owned approximately 0.46% of SL Green Realty worth $19,000,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SLG. LPL Financial LLC grew its stake in shares of SL Green Realty by 4.7% in the fourth quarter. LPL Financial LLC now owns 18,613 shares of the real estate investment trust's stock worth $1,264,000 after acquiring an additional 844 shares during the last quarter. Bank of Montreal Can raised its holdings in SL Green Realty by 3.3% in the 4th 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 last quarter. Raymond James Financial Inc. purchased a new position in SL Green Realty in the 4th quarter worth approximately $1,275,000. Sterling Capital Management LLC boosted its holdings in shares of 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 acquiring an additional 2,037 shares during the last quarter. Finally, Summit Investment Advisors Inc. boosted its holdings in shares of 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 acquiring an additional 827 shares during the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SLG has been the topic of a number of recent analyst reports. Scotiabank raised shares of SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 price target on the stock in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of SL Green Realty in a research report on Friday, May 23rd. Evercore ISI reduced their price objective on SL Green Realty from $74.00 to $73.00 and set an "outperform" rating for the company in a research report on Monday. Wells Fargo & Company reduced their price objective on 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 upped their price objective on SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research report on Friday, July 18th. Four equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $67.29.

Insider Activity

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of the business's stock in a transaction that occurred on 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 transaction, the director owned 937 shares in the company, valued at $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 Securities & Exchange Commission, which is available at this link. 5.04% of the stock is owned by company insiders.

SL Green Realty Price Performance

SLG traded up $2.5250 during trading on Friday, reaching $57.3250. 238,833 shares of the company traded hands, compared to its average volume of 918,821. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.72 and a current ratio of 2.72. The company has a market cap of $4.09 billion, a P/E ratio of -105.88 and a beta of 1.69. SL Green Realty Corporation has a 12-month low of $45.15 and a 12-month high of $82.81. The firm has a fifty day simple moving average of $59.64 and a 200 day simple moving average of $58.72.

SL Green Realty (NYSE:SLG - Get Free Report) last posted 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. The company had revenue of $147.54 million for the quarter, compared to the consensus estimate of $171.24 million. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%.The firm's revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.05 earnings per share. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. On average, equities analysts forecast that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The firm also recently announced a aug 25 dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a dividend of $0.2575 per share. This represents a dividend yield of 560.0%. The ex-dividend date is Friday, August 29th. SL Green Realty's payout ratio is -572.22%.

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.