Zimmer Partners LP Sells 114,084 Shares of SL Green Realty Corporation $SLG

Key Points

• Zimmer Partners LP reduced its stake in SL Green Realty Corporation by 69.2% during the first quarter, selling 114,084 shares, leaving them with approximately 50,700 shares valued at $2.9 million.
• SL Green Realty reported a quarterly EPS of $1.63, surpassing analysts' expectations of $1.37, despite a 8.6% year-over-year revenue increase.
• The company has declared a $0.2575 dividend, resulting in an impressive dividend yield of 543.0%, indicating significant volatility in its payout structure.

Zimmer Partners LP reduced its stake in SL Green Realty Corporation (NYSE:SLG - Free Report) by 69.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,700 shares of the real estate investment trust's stock after selling 114,084 shares during the quarter. Zimmer Partners LP owned about 0.07% of SL Green Realty worth $2,925,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fourth Dimension Wealth LLC acquired a new position in shares of SL Green Realty in the fourth quarter worth approximately $75,000. GF Fund Management CO. LTD. acquired a new position in shares of SL Green Realty in the fourth quarter worth approximately $80,000. State of Wyoming acquired a new position in shares of SL Green Realty in the first quarter worth approximately $172,000. KBC Group NV lifted its stake in SL Green Realty by 20.9% in the first quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust's stock valued at $193,000 after buying an additional 577 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in SL Green Realty by 13.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,889 shares of the real estate investment trust's stock valued at $224,000 after buying an additional 466 shares during the period. 89.96% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at SL Green Realty

In related news, Director Carol N. Brown sold 937 shares of the company's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total transaction of $59,115.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.04% of the company's stock.

Analysts Set New Price Targets

SLG has been the topic of several recent analyst reports. Wells Fargo & Company dropped their price target on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Monday, May 19th. Wall Street Zen lowered SL Green Realty from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Scotiabank raised 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 note on Friday, July 25th. Finally, Truist Financial boosted their price target 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. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $67.57.

SL Green Realty Stock Up 3.8%

Shares of NYSE SLG traded up $2.38 during midday trading on Friday, hitting $65.71. 1,612,121 shares of the stock traded hands, compared to its average volume of 846,648. The company has a market cap of $4.69 billion, a PE ratio of -121.68 and a beta of 1.74. SL Green Realty Corporation has a one year low of $45.15 and a one year high of $82.81. The business has a 50 day moving average price of $58.39 and a two-hundred day moving average price of $58.07. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.72 and a current ratio of 2.72.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, beating the consensus estimate of $1.37 by $0.26. The firm had revenue of $147.54 million during 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 company's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.05 earnings per share. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. On average, equities analysts predict that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The business also recently declared a aug 25 dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a dividend of $0.2575 per share. The ex-dividend date is Friday, August 29th. This represents a yield of 543.0%. SL Green Realty's dividend payout ratio is -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.