Northern Trust Corp Increases Stock Position in SL Green Realty Corporation $SLG

Key Points

• Northern Trust Corp has increased its holdings in SL Green Realty Corporation by 2.1% during the 1st quarter, owning 1,458,980 shares valued at approximately $84.18 million.
• SL Green Realty reported a Q2 EPS of $1.63, exceeding analysts' expectations, though revenue fell short at $147.54 million compared to a consensus estimate of $171.24 million.
• The company announced a dividend of $0.2575 per share, with a significant yield of 560.0%, to be paid on September 15th.

Northern Trust Corp boosted its holdings in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,458,980 shares of the real estate investment trust's stock after acquiring an additional 29,344 shares during the quarter. Northern Trust Corp owned 2.05% of SL Green Realty worth $84,183,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC bought a new stake in SL Green Realty during the 4th quarter worth approximately $75,000. GF Fund Management CO. LTD. bought a new stake in SL Green Realty during the 4th quarter worth approximately $80,000. KBC Group NV grew its holdings in 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 acquiring an additional 577 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in SL Green Realty by 13.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,889 shares of the real estate investment trust's stock worth $224,000 after acquiring an additional 466 shares during the last quarter. Finally, Syon Capital LLC bought a new stake in SL Green Realty during the 4th quarter worth approximately $243,000. 89.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SLG shares. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a report on Friday, May 23rd. JPMorgan Chase & Co. reduced 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 research note on Wednesday, July 9th. Wall Street Zen lowered shares of SL Green Realty from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. Truist Financial upped their price objective on shares of SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research note on Friday, July 18th. Finally, Evercore ISI reduced their price objective on shares of SL Green Realty from $74.00 to $73.00 and set an "outperform" rating on the stock in a research note on Monday, August 18th. Four analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $67.29.

SL Green Realty Stock Down 0.0%

Shares of SL Green Realty stock traded down $0.02 during trading on Friday, reaching $56.86. 867,688 shares of the company traded hands, compared to its average volume of 813,286. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick 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 $58.64 and a 200-day moving average price of $58.31. The firm has a market capitalization of $4.06 billion, a PE ratio of -105.30 and a beta of 1.69.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, topping 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 firm had revenue of $147.54 million for the quarter, compared to the consensus estimate of $171.24 million. During the same quarter in the prior year, the company posted $2.05 earnings per share. The business's revenue was up 8.6% on a year-over-year basis. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. As a group, equities research analysts expect that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently disclosed a aug 25 dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.2575 per share. The ex-dividend date is Friday, August 29th. This represents a yield of 543.0%. SL Green Realty's dividend payout ratio is presently -572.22%.

Insiders Place Their Bets

In other SL Green Realty 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 owned 937 shares in the company, valued at approximately $56,791.57. This represents a 72.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 5.04% of the company's stock.

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.