The Manufacturers Life Insurance Company Boosts Stake in SL Green Realty Corp. (NYSE:SLG)

The Manufacturers Life Insurance Company increased its holdings in shares of SL Green Realty Corp. (NYSE:SLG) by 3.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,780 shares of the real estate investment trust’s stock after purchasing an additional 1,459 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of SL Green Realty worth $2,310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of SLG. Vanguard Group Inc. boosted its holdings in shares of SL Green Realty by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock valued at $572,524,000 after acquiring an additional 60,032 shares during the last quarter. Wellington Management Group LLP boosted its holdings in SL Green Realty by 7.6% in the fourth quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock worth $50,363,000 after purchasing an additional 78,322 shares during the last quarter. Dimensional Fund Advisors LP grew its position in SL Green Realty by 9.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after purchasing an additional 88,309 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of SL Green Realty by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock valued at $45,906,000 after buying an additional 14,167 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in shares of SL Green Realty by 24.7% in the 1st quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock worth $44,067,000 after buying an additional 158,268 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Trading Up 1.0 %

SLG stock opened at $67.16 on Thursday. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of -8.13, a PEG ratio of 1.88 and a beta of 1.83. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59. SL Green Realty Corp. has a 1-year low of $28.55 and a 1-year high of $73.80. The business has a 50 day simple moving average of $66.23 and a two-hundred day simple moving average of $58.68.

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

SL Green Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date is Monday, September 30th. SL Green Realty’s payout ratio is presently -36.32%.

Analyst Ratings Changes

SLG has been the subject of a number of research reports. Morgan Stanley upped their price objective on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday. Compass Point upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $35.00 to $60.00 in a research note on Wednesday, September 18th. The Goldman Sachs Group boosted their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Wells Fargo & Company increased their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 11th. Finally, StockNews.com raised shares of SL Green Realty to a “sell” rating in a research report on Friday, July 19th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $59.86.

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.