SL Green Realty Corporation (NYSE:SLG) Shares Bought by Wolverine Asset Management LLC

Key Points

• Wolverine Asset Management LLC increased its stake in SL Green Realty Corporation by 156.1% in the 1st quarter, now holding 12,716 shares valued at approximately $734,000.
• Multiple institutional investors, including the Swiss National Bank and Charles Schwab Investment Management, have also raised their positions in SL Green Realty, illustrating growing institutional interest.
• SL Green Realty's latest earnings report showed $1.63 EPS, exceeding analysts' estimates, despite a negative return on equity and a revenue decline compared to expectations.

Wolverine Asset Management LLC grew its stake in SL Green Realty Corporation (NYSE:SLG - Free Report) by 156.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,716 shares of the real estate investment trust's stock after buying an additional 7,750 shares during the period. Wolverine Asset Management LLC's holdings in SL Green Realty were worth $734,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Swiss National Bank lifted its position in SL Green Realty by 9.1% in the first quarter. Swiss National Bank now owns 138,998 shares of the real estate investment trust's stock valued at $8,020,000 after acquiring an additional 11,600 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of SL Green Realty by 4.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 48,795 shares of the real estate investment trust's stock worth $2,815,000 after purchasing an additional 1,880 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of SL Green Realty by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,554,977 shares of the real estate investment trust's stock worth $89,722,000 after purchasing an additional 126,969 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of SL Green Realty by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock valued at $641,238,000 after purchasing an additional 283,009 shares during the last quarter. Finally, Probity Advisors Inc. boosted its position in shares of SL Green Realty by 9.4% in the 1st quarter. Probity Advisors Inc. now owns 6,751 shares of the real estate investment trust's stock valued at $390,000 after purchasing an additional 581 shares during the period. Institutional investors and hedge funds own 89.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SLG shares. JPMorgan Chase & Co. dropped their price target on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. Scotiabank upgraded shares of SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 target price on the stock in a research 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. Barclays decreased their price target on shares of SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Finally, Truist Financial raised their price objective on shares of SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a research report 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 assigned a buy rating to the company. Based on data from MarketBeat.com, SL Green Realty has an average rating of "Hold" and an average price target of $67.29.

Insider Activity at SL Green Realty

In other news, Director Carol N. Brown sold 2,500 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $60.61, for a total transaction of $151,525.00. Following the transaction, the director directly owned 937 shares of the company's stock, valued at $56,791.57. This represents a 72.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.04% of the company's stock.

SL Green Realty Price Performance

Shares of NYSE:SLG opened at $53.41 on Friday. SL Green Realty Corporation has a 52 week low of $45.15 and a 52 week high of $82.81. The company has a 50-day moving average price of $61.18 and a 200 day moving average price of $59.39. The company has a market cap of $3.81 billion, a P/E ratio of -98.91 and a beta of 1.69. The company has a quick ratio of 2.85, a current ratio of 2.72 and a debt-to-equity ratio of 0.98.

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

SL Green Realty Dividend Announcement

The business also recently announced a jul 25 dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a dividend of $0.2575 per share. This represents a dividend yield of 510.0%. The ex-dividend date is Thursday, July 31st. SL Green Realty's payout ratio is presently -572.22%.

SL Green Realty 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.

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