SL Green Realty Corporation (NYSE:SLG) Shares Acquired 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 lifted its stake in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 156.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,716 shares of the real estate investment trust's stock after purchasing 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 quarter.

Other large investors also recently modified their holdings of the company. LPL Financial LLC grew its stake in SL Green Realty by 4.7% in the 4th quarter. LPL Financial LLC now owns 18,613 shares of the real estate investment trust's stock valued at $1,264,000 after buying an additional 844 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of SL Green Realty by 2.4% during the 4th quarter. Alliancebernstein L.P. now owns 102,062 shares of the real estate investment trust's stock worth $6,932,000 after acquiring an additional 2,440 shares during the last quarter. Franklin Resources Inc. raised its position in SL Green Realty by 196.4% in the 4th quarter. Franklin Resources Inc. now owns 26,314 shares of the real estate investment trust's stock worth $1,787,000 after purchasing an additional 17,437 shares during the period. Wells Fargo & Company MN raised its position in SL Green Realty by 5.9% in 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 purchasing an additional 8,664 shares during the period. Finally, Quadrant Capital Group LLC increased its position in shares of SL Green Realty by 37.4% in the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust's stock valued at $52,000 after acquiring an additional 208 shares during the period. Hedge funds and other institutional investors own 89.96% of the company's stock.

SL Green Realty Trading Down 1.8%

SL Green Realty stock traded down $0.99 during trading hours on Thursday, hitting $54.54. The company had a trading volume of 343,014 shares, compared to its average volume of 924,833. The firm has a market cap of $3.89 billion, a P/E ratio of -100.98 and a beta of 1.69. 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 company has a 50-day moving average price of $60.84 and a two-hundred day moving average price of $59.18.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, beating the consensus estimate 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 business had revenue of $147.54 million during the quarter, compared to analyst estimates of $171.24 million. During the same quarter in the previous year, the business posted $2.05 EPS. The company's quarterly revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts anticipate that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

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

Insider Buying and Selling

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of the company's stock in a transaction that occurred 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 owned 937 shares in the company, valued at approximately $56,791.57. This represents a 72.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.04% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SLG. Piper Sandler reduced their price target on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of SL Green Realty in a 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 on the stock in a research report on Wednesday, April 30th. Wall Street Zen downgraded shares of SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Finally, Wells Fargo & Company decreased 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 research report on Monday, May 19th. 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. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $67.29.

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.