Principal Financial Group Inc. Cuts Stake in SL Green Realty Corp. (NYSE:SLG)

Principal Financial Group Inc. lessened its stake in shares of SL Green Realty Corp. (NYSE:SLG) by 4.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 305,595 shares of the real estate investment trust’s stock after selling 14,240 shares during the period. Principal Financial Group Inc. owned about 0.46% of SL Green Realty worth $21,272,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Rosenberg Matthew Hamilton increased its stake in shares of SL Green Realty by 6.6% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock worth $161,000 after purchasing an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in SL Green Realty by 4.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 3,769 shares of the real estate investment trust’s stock valued at $262,000 after purchasing an additional 148 shares during the period. MML Investors Services LLC increased its position in SL Green Realty by 2.7% in the third quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock worth $427,000 after buying an additional 161 shares during the last quarter. Xponance Inc. raised its stake in shares of SL Green Realty by 6.6% in the second quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock valued at $240,000 after buying an additional 262 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in shares of SL Green Realty by 272.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 272 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Price Performance

Shares of SL Green Realty stock opened at $68.30 on Thursday. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. SL Green Realty Corp. has a one year low of $41.81 and a one year high of $82.81. The business’s 50 day simple moving average is $75.83 and its two-hundred day simple moving average is $67.69. The stock has a market capitalization of $4.50 billion, a P/E ratio of -27.32, a price-to-earnings-growth ratio of 4.26 and a beta of 1.81.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). The business had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same period in the previous year, the business earned $1.27 earnings per share. Analysts forecast that SL Green Realty Corp. will post 7.82 EPS for the current year.

SL Green Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.2575 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 annualized dividend and a dividend yield of 4.52%. SL Green Realty’s payout ratio is -123.60%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SLG shares. Compass Point increased their target price on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Barclays raised their price objective on shares of SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. BMO Capital Markets reissued an “outperform” rating and set a $87.00 target price (up previously from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Wells Fargo & Company raised their price target on SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. Finally, Jefferies Financial Group increased their price objective on SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and an average target price of $68.67.

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.