Strs Ohio Purchases New Shares in SL Green Realty Corporation $SLG

Key Points

• Strs Ohio has acquired 27,600 shares of SL Green Realty Corporation valued at approximately $1.59 million, as disclosed in their recent SEC filing.
• Evercore ISI and Citigroup both upgraded SL Green Realty's stock ratings, with Evercore increasing the target price from $73 to $76 and Citigroup from $65 to $70.
• As of now, institutional investors control 89.96% of SL Green Realty's stock, indicating a strong institutional presence in the company.

Strs Ohio bought a new position in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 27,600 shares of the real estate investment trust's stock, valued at approximately $1,593,000.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in SL Green Realty by 2.6% in the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock valued at $641,238,000 after buying an additional 283,009 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of SL Green Realty by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust's stock worth $97,851,000 after acquiring an additional 130,206 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings 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 during the period. Nuveen LLC acquired a new stake in SL Green Realty in the first quarter valued at $87,878,000. Finally, Northern Trust Corp lifted its holdings in SL Green Realty by 2.1% in the first quarter. Northern Trust Corp now owns 1,458,980 shares of the real estate investment trust's stock valued at $84,183,000 after acquiring an additional 29,344 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Carol N. Brown sold 937 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $63.09, for a total value of $59,115.33. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 5.04% of the stock is owned by corporate insiders.

SL Green Realty Stock Performance

SLG traded down $1.51 on Friday, reaching $61.52. The stock had a trading volume of 2,142,020 shares, compared to its average volume of 1,011,088. The company has a market cap of $4.39 billion, a P/E ratio of -113.92 and a beta of 1.74. The business's 50-day moving average price is $58.48 and its two-hundred day moving average price is $58.06. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.98. SL Green Realty Corporation has a 12-month low of $45.15 and a 12-month high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings results 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. 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 for the quarter, compared to the consensus estimate of $171.24 million. During the same period in the previous year, the firm earned $2.05 EPS. 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. 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 announced a sep 25 dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.2575 per share. This represents a yield of 502.0%. The ex-dividend date is Tuesday, September 30th. SL Green Realty's dividend payout ratio (DPR) is -572.22%.

Wall Street Analyst Weigh In

A number of analysts recently commented on SLG shares. Evercore ISI lifted their price objective on SL Green Realty from $73.00 to $76.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th. 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 research report on Wednesday, July 9th. Scotiabank upgraded SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 price objective for the company in a research note on Friday, July 25th. Truist Financial raised their target price on 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, Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Five research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, SL Green Realty currently has an average rating of "Hold" and a consensus target price of $67.79.

SL Green Realty Company 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.