SL Green Realty Corporation $SLG Shares Sold by Invesco Ltd.

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. trimmed its position in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 979,466 shares of the real estate investment trust's stock after selling 28,658 shares during the period. Invesco Ltd. owned approximately 1.37% of SL Green Realty worth $56,515,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Norinchukin Bank The grew its holdings in SL Green Realty by 6.6% during the 4th quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust's stock worth $212,000 after acquiring an additional 192 shares in the last quarter. Mackenzie Financial Corp grew its holdings in SL Green Realty by 4.7% during the 1st quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust's stock worth $307,000 after acquiring an additional 240 shares in the last quarter. KLP Kapitalforvaltning AS grew its holdings in SL Green Realty by 2.2% during the 1st quarter. KLP Kapitalforvaltning AS now owns 13,874 shares of the real estate investment trust's stock worth $804,000 after acquiring an additional 300 shares in the last quarter. Two Sigma Advisers LP grew its holdings in SL Green Realty by 1.3% during the 4th quarter. Two Sigma Advisers LP now owns 24,316 shares of the real estate investment trust's stock worth $1,652,000 after acquiring an additional 301 shares in the last quarter. Finally, Xponance Inc. grew its holdings in SL Green Realty by 6.6% during the 1st quarter. Xponance Inc. now owns 5,745 shares of the real estate investment trust's stock worth $331,000 after acquiring an additional 357 shares in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $60.61, for a total value of $151,525.00. Following the sale, the director directly owned 937 shares in the company, valued at $56,791.57. This trade represents a 72.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.04% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SLG shares. Piper Sandler decreased their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Truist Financial raised their price target 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. Scotiabank upgraded 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 research report on Friday, July 25th. Barclays reduced 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. Finally, JPMorgan Chase & Co. reduced their price target on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $67.29.

SL Green Realty Stock Down 0.6%

Shares of NYSE:SLG opened at $54.17 on Monday. SL Green Realty Corporation has a one year low of $45.15 and a one year high of $82.81. The company has a 50 day moving average of $60.48 and a 200-day moving average of $58.94. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.72. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of -100.31 and a beta of 1.69.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, beating analysts' consensus estimates of $1.37 by $0.26. The business had revenue of $147.54 million for the quarter, compared to the consensus estimate of $171.24 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. SL Green Realty's revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the company posted $2.05 EPS. On average, sell-side analysts forecast that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a jul 25 dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were issued a $0.2575 dividend. The ex-dividend date was Thursday, July 31st. This represents a dividend yield of 510.0%. SL Green Realty's dividend payout ratio (DPR) is -572.22%.

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.

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