Legal & General Group Plc Decreases Position in SL Green Realty Corp. (NYSE:SLG)

Legal & General Group Plc reduced its stake in shares of SL Green Realty Corp. (NYSE:SLG) by 14.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 633,698 shares of the real estate investment trust’s stock after selling 107,234 shares during the period. Legal & General Group Plc’s holdings in SL Green Realty were worth $43,041,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SLG. Norges Bank acquired a new position in SL Green Realty in the 4th quarter worth $48,050,000. Vanguard Group Inc. lifted its stake in shares of SL Green Realty by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock worth $735,594,000 after acquiring an additional 564,822 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in SL Green Realty by 12.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust’s stock valued at $96,990,000 after purchasing an additional 159,870 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in SL Green Realty during the 4th quarter valued at approximately $7,705,000. Finally, Geode Capital Management LLC raised its position in shares of SL Green Realty by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust’s stock valued at $119,001,000 after purchasing an additional 110,594 shares in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Stock Performance

SLG opened at $49.69 on Friday. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. The business’s 50 day moving average is $59.43 and its 200-day moving average is $67.38. The stock has a market cap of $3.54 billion, a PE ratio of 621.06, a price-to-earnings-growth ratio of 5.30 and a beta of 1.61. SL Green Realty Corp. has a twelve month low of $45.15 and a twelve month high of $82.81.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. On average, analysts predict that SL Green Realty Corp. will post 5.43 earnings per share for the current year.

SL Green Realty Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Monday, March 31st. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.25. SL Green Realty’s dividend payout ratio is currently 3,862.50%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Barclays reduced their price target on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 28th. Scotiabank reduced their target price on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a report on Friday, February 28th. Jefferies Financial Group started coverage on SL Green Realty in a research report on Monday, March 17th. They set a “hold” rating and a $58.00 price target on the stock. Mizuho lifted their price objective on shares of SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Finally, Evercore ISI raised shares of SL Green Realty from an “in-line” rating to an “outperform” rating and dropped their target price for the stock from $74.00 to $73.00 in a report on Monday, March 17th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus target price of $69.87.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the sale, the director now directly owns 2,052 shares in the company, valued at $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.08% of the stock is owned by corporate insiders.

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.