Invesco Ltd. Sells 28,658 Shares of SL Green Realty Corporation $SLG

Key Points

• Invesco Ltd. reduced its stake in SL Green Realty Corporation by 2.8%, owning approximately 1.37% of the company after selling 28,658 shares.
• Several institutional investors have increased their holdings in SL Green Realty, with institutional ownership now at 89.96%.
• Analysts have varying projections for SL Green Realty's stock price, with a consensus target price of $67.29 and ratings ranging from sell to buy.

Invesco Ltd. lowered its position in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 2.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 979,466 shares of the real estate investment trust's stock after selling 28,658 shares during the period. Invesco Ltd. owned about 1.37% of SL Green Realty worth $56,515,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Northern Trust Corp lifted its holdings in SL Green Realty by 79.9% during the 4th quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust's stock worth $97,101,000 after buying an additional 634,788 shares during the period. Balyasny Asset Management L.P. acquired a new position in SL Green Realty during the 4th quarter worth about $29,000,000. Alyeska Investment Group L.P. lifted its holdings in SL Green Realty by 30.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,493,208 shares of the real estate investment trust's stock worth $101,419,000 after buying an additional 347,608 shares during the period. Vanguard Group Inc. lifted its holdings in SL Green Realty by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock worth $641,238,000 after buying an additional 283,009 shares during the period. Finally, Hudson Bay Capital Management LP acquired a new position in SL Green Realty during the 4th quarter worth about $18,139,000. Institutional investors own 89.96% of the company's stock.

Insider Buying and Selling

In related news, Director Carol N. Brown sold 2,500 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the completion of the sale, the director directly owned 937 shares of the company's stock, valued at $56,791.57. The trade was a 72.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.04% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wells Fargo & Company cut their target price on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a report on Monday, May 19th. Barclays cut their target price on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Scotiabank raised 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 report on Friday, July 25th. Evercore ISI cut their target price on SL Green Realty from $74.00 to $73.00 and set an "outperform" rating on the stock in a report on Monday. Finally, JPMorgan Chase & Co. cut their target price on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Four investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, SL Green Realty currently has an average rating of "Hold" and an average target price of $67.29.

SL Green Realty Trading Up 4.6%

Shares of NYSE:SLG traded up $2.5250 during midday trading on Friday, reaching $57.3250. The company's stock had a trading volume of 238,833 shares, compared to its average volume of 918,821. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of -105.88 and a beta of 1.69. 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 firm has a 50 day moving average price of $59.64 and a two-hundred day moving average price of $58.72. SL Green Realty Corporation has a fifty-two week low of $45.15 and a fifty-two week high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share (EPS) for the quarter, beating 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 was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.05 EPS. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. As a group, analysts forecast that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

SL Green Realty Dividend Announcement

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