Wellington Management Group LLP Lowers Holdings in SL Green Realty Corporation $SLG

Key Points

• Wellington Management Group LLP has reduced its holdings in SL Green Realty Corporation by 31.8% during the first quarter, owning now 1,974,377 shares after selling 919,077 shares.
• SL Green Realty recently reported earnings of $1.63 per share, exceeding analysts' expectations, but its revenue of $147.54 million fell short of estimates of $171.24 million.
• Additionally, SL Green Realty announced a dividend of $0.2575 per share to be paid on September 15th, with an ex-dividend date of August 29th, despite a negative dividend payout ratio of -572.22%.

Wellington Management Group LLP reduced its holdings in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 31.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,974,377 shares of the real estate investment trust's stock after selling 919,077 shares during the period. Wellington Management Group LLP owned about 2.77% of SL Green Realty worth $113,922,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in shares of SL Green Realty in the first quarter worth $87,878,000. Northern Trust Corp boosted its holdings in SL Green Realty by 79.9% in the fourth quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust's stock valued at $97,101,000 after purchasing 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 $29,000,000. Alyeska Investment Group L.P. increased 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 purchasing an additional 347,608 shares during the period. Finally, Vanguard Group Inc. increased 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 purchasing an additional 283,009 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $60.61, for a total transaction of $151,525.00. Following the completion of the sale, the director directly owned 937 shares of the company's stock, valued at approximately $56,791.57. This trade represents a 72.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.04% of the stock is currently owned by corporate insiders.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $54.7420 on Friday. The firm's fifty day simple moving average is $59.64 and its 200-day simple moving average is $58.72. SL Green Realty Corporation has a 12 month low of $45.15 and a 12 month high of $82.81. The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of -101.37 and a beta of 1.69. 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 (NYSE:SLG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, topping analysts' consensus estimates of $1.37 by $0.26. The firm had revenue of $147.54 million during the quarter, compared to analysts' expectations 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 quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior 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, equities analysts forecast that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The business also recently disclosed a aug 25 dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.2575 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a yield of 560.0%. SL Green Realty's dividend payout ratio is currently -572.22%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Scotiabank raised shares of 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. Barclays lowered their price target on shares of SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Truist Financial increased their target price on SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. cut 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 report on Wednesday, July 9th. Four research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, SL Green Realty has a consensus rating of "Hold" and an average target price of $67.29.

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.

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