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

Legal & General Group Plc trimmed its position in SL Green Realty Corp. (NYSE:SLG) by 14.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 633,698 shares of the real estate investment trust’s stock after selling 107,234 shares during the period. Legal & General Group Plc owned approximately 0.96% of SL Green Realty worth $43,041,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SLG. Jones Financial Companies Lllp purchased a new position in shares of SL Green Realty in the 4th quarter valued at about $39,000. Quadrant Capital Group LLC grew its position in SL Green Realty by 37.4% during the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 208 shares during the period. Versant Capital Management Inc increased its holdings in SL Green Realty by 17.7% in the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 157 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of SL Green Realty during the 4th quarter valued at approximately $88,000. Finally, Blue Trust Inc. boosted its stake in shares of SL Green Realty by 106.3% during the 4th quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust’s stock worth $116,000 after acquiring an additional 857 shares in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

SL Green Realty Stock Performance

NYSE SLG opened at $49.69 on Friday. The business’s 50-day moving average price is $59.43 and its 200 day moving average price is $67.38. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. SL Green Realty Corp. has a twelve month low of $45.15 and a twelve month high of $82.81. The company has a market capitalization 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 (NYSE:SLG) last announced its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. On average, research analysts predict that SL Green Realty Corp. will post 5.43 earnings per share for the current year.

SL Green Realty Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.2575 per share. This represents a $1.03 dividend on an annualized basis and a dividend yield of 2.07%. This is an increase from SL Green Realty’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 31st. SL Green Realty’s dividend payout ratio is presently 3,862.50%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SLG. Mizuho raised their price objective on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Morgan Stanley raised their price target on SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 12th. Wells Fargo & Company lowered their price objective on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Scotiabank cut their target price on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research report on Friday, February 28th. Finally, 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 report on Tuesday, January 28th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, SL Green Realty currently has a consensus rating of “Hold” and a consensus target price of $69.87.

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.