Principal Financial Group Inc. Trims Stock Holdings in SL Green Realty Corp. (NYSE:SLG)

Principal Financial Group Inc. lowered its position in shares of SL Green Realty Corp. (NYSE:SLG) by 4.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 319,835 shares of the real estate investment trust’s stock after selling 16,242 shares during the quarter. Principal Financial Group Inc. owned about 0.49% of SL Green Realty worth $18,115,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new position in SL Green Realty during the 2nd quarter valued at about $29,000. Fidelis Capital Partners LLC bought a new position in shares of SL Green Realty during the first quarter valued at approximately $55,000. GAMMA Investing LLC lifted its holdings in shares of SL Green Realty by 6.3% during the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock valued at $182,000 after purchasing an additional 196 shares during the last quarter. Meeder Advisory Services Inc. bought a new stake in shares of SL Green Realty in the 1st quarter worth approximately $201,000. Finally, Virtu Financial LLC bought a new stake in shares of SL Green Realty in the 1st quarter worth approximately $237,000. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Trading Down 3.4 %

Shares of SLG stock opened at $64.39 on Wednesday. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty Corp. has a 12-month low of $28.55 and a 12-month high of $68.92. The stock has a market capitalization of $4.19 billion, a P/E ratio of -7.80, a P/E/G ratio of 2.09 and a beta of 1.83. The firm’s 50 day moving average is $61.78 and its 200 day moving average is $55.23.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. The firm had revenue of $222.82 million for the quarter, compared to the consensus estimate of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same period last year, the business posted $1.43 EPS. Research analysts expect that SL Green Realty Corp. will post 7.58 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Friday, August 30th. SL Green Realty’s payout ratio is currently -36.32%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Bank of America lifted their price objective on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. BMO Capital Markets raised their price target on SL Green Realty from $58.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Barclays upped their price target on shares of SL Green Realty from $49.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group raised their price objective on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Finally, Evercore ISI upped their target price on shares of SL Green Realty from $54.00 to $55.00 and gave the stock an “underperform” rating in a research note on Wednesday, August 28th. Six analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and an average target price of $53.77.

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.