Zimmer Partners LP Has $2.93 Million Stock Position in 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 position in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 69.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Summit Place Financial Advisors LLC raised its holdings in SL Green Realty by 149.6% during the 1st quarter. Summit Place Financial Advisors LLC now owns 17,845 shares of the real estate investment trust's stock worth $1,030,000 after purchasing an additional 10,695 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in SL Green Realty by 6.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,741 shares of the real estate investment trust's stock worth $389,000 after purchasing an additional 384 shares during the last quarter. KBC Group NV raised its holdings in SL Green Realty by 20.9% during the 1st quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust's stock worth $193,000 after purchasing an additional 577 shares during the last quarter. Wolverine Asset Management LLC grew its position in shares of SL Green Realty by 156.1% during the 1st quarter. Wolverine Asset Management LLC now owns 12,716 shares of the real estate investment trust's stock worth $734,000 after buying an additional 7,750 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of SL Green Realty by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 348,870 shares of the real estate investment trust's stock worth $20,130,000 after buying an additional 6,112 shares during the period. 89.96% of the stock is owned by institutional investors.

Insider Activity

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of the company's 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 transaction, the director owned 937 shares of the company's stock, valued at $56,791.57. This represents a 72.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 5.04% of the company's stock.

SL Green Realty Stock Up 3.8%

Shares of SLG traded up $2.38 on Friday, hitting $65.71. The company's stock had a trading volume of 1,612,121 shares, compared to its average volume of 846,648. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.98. The firm's fifty day moving average price is $58.39 and its 200-day moving average price is $58.02. SL Green Realty Corporation has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The firm has a market capitalization of $4.69 billion, a price-to-earnings ratio of -121.68 and a beta of 1.74.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.26. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%.The business had revenue of $147.54 million during the quarter, compared to analyst estimates of $171.24 million. During the same period in the previous year, the firm earned $2.05 EPS. SL Green Realty's quarterly revenue was up 8.6% compared to the same quarter last year. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. On average, equities research analysts expect that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a aug 25 dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.2575 dividend. The ex-dividend date is Friday, August 29th. This represents a dividend yield of 543.0%. SL Green Realty's payout ratio is currently -572.22%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SLG. Scotiabank upgraded SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 target price for the company in a research report on Friday, July 25th. Wall Street Zen lowered SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Citigroup upgraded SL Green Realty from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $65.00 to $70.00 in a research report on Friday. JPMorgan Chase & Co. decreased their target price on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of SL Green Realty in a research report 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $67.57.

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.