Wellington Management Group LLP Has $36.43 Million Stock Holdings in SL Green Realty Corporation $SLG

Key Points

• Wellington Management reduced its SL Green Realty stake by 7% in the second quarter, selling 52,950 shares and retaining 703,663 shares valued at approximately $36.43 million. Institutional investors collectively own 89.96% of the REIT.
• Analysts have a mixed outlook, with the stock receiving a consensus rating of “Hold” and an average price target of $56.83. Price targets range from $57 to $79, while ratings include seven Buys, ten Holds, and two Sells.
• SL Green reported quarterly revenue of $264 million, up 16.5% year over year, and beat analysts’ EPS expectations despite posting a loss. The company maintains a quarterly dividend of $0.6175, equivalent to a 4.4% annualized yield.

Wellington Management Group LLP cut its position in SL Green Realty Corporation (NYSE:SLG - Free Report) by 7.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 703,663 shares of the real estate investment trust's stock after selling 52,950 shares during the period. Wellington Management Group LLP owned 0.99% of SL Green Realty worth $36,429,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in SL Green Realty by 74.8% in the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust's stock valued at $1,519,000 after acquiring an additional 11,506 shares during the period. United Services Automobile Association acquired a new position in shares of SL Green Realty during the first quarter worth approximately $253,000. Empowered Funds LLC lifted its holdings in shares of SL Green Realty by 10.9% in the 1st quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust's stock worth $425,000 after purchasing an additional 722 shares in the last quarter. Creative Planning bought a new stake in SL Green Realty during the 2nd quarter valued at $421,000. Finally, California Public Employees Retirement System increased its stake in SL Green Realty by 4.6% during the 2nd quarter. California Public Employees Retirement System now owns 131,528 shares of the real estate investment trust's stock valued at $8,142,000 after purchasing an additional 5,789 shares in the last quarter. 89.96% of the stock is owned by institutional investors.

Insider Activity at SL Green Realty

In related news, insider Harrison Sitomer sold 23,113 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the sale, the insider owned 109,468 shares of the company's stock, valued at approximately $6,317,398.28. This represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of SL Green Realty in a research note on Tuesday, August 25th. JPMorgan Chase & Co. upped their target price on shares of SL Green Realty from $51.00 to $61.00 and gave the stock a "neutral" rating in a report on Tuesday, August 25th. Piper Sandler set a $79.00 price target on shares of SL Green Realty and gave the company an "overweight" rating in a research report on Friday, July 24th. Truist Financial set a $57.00 price target on SL Green Realty and gave the company a "hold" rating in a research note on Monday, August 24th. Finally, Citigroup reissued a "buy" rating and set a $60.00 price objective (up from $45.00) on shares of SL Green Realty in a report on Friday, July 24th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $56.83.

SL Green Realty Trading Up 1.2%

NYSE SLG opened at $55.56 on Friday. The business's fifty day moving average is $54.07 and its 200-day moving average is $46.37. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.10 and a quick ratio of 3.10. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of -20.35, a PEG ratio of 2.37 and a beta of 1.60. SL Green Realty Corporation has a one year low of $34.77 and a one year high of $66.29.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The business had revenue of $264.00 million for the quarter, compared to the consensus estimate of $179.01 million. During the same quarter in the prior year, the business earned $1.63 earnings per share. SL Green Realty's revenue for the quarter was up 16.5% on a year-over-year basis. Equities research analysts predict that SL Green Realty Corporation will post 5.53 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.6175 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.47 annualized dividend and a dividend yield of 4.4%. SL Green Realty's payout ratio is -90.48%.

About SL Green Realty

SL Green Realty Corp. NYSE: SLG is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City's largest office landlords, the company's portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.

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