Envestnet Asset Management Inc. Raises Position in SL Green Realty Corp. (NYSE:SLG)

Envestnet Asset Management Inc. grew its holdings in shares of SL Green Realty Corp. (NYSE:SLG) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,786 shares of the real estate investment trust’s stock after acquiring an additional 557 shares during the period. Envestnet Asset Management Inc. owned about 0.06% of SL Green Realty worth $2,253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Prospect Financial Services LLC purchased a new position in SL Green Realty during the fourth quarter valued at approximately $12,373,000. Russell Investments Group Ltd. boosted its holdings in 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 period. Daiwa Securities Group Inc. increased its stake in SL Green Realty by 479.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 113,028 shares of the real estate investment trust’s stock worth $6,231,000 after buying an additional 93,511 shares in the last quarter. Swedbank AB bought a new stake in SL Green Realty during the first quarter valued at about $4,675,000. Finally, Wellington Management Group LLP lifted its position in shares of 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 valued at $50,363,000 after acquiring an additional 78,322 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Trading Down 0.1 %

Shares of NYSE SLG opened at $67.79 on Friday. The stock has a market capitalization of $4.41 billion, a P/E ratio of -8.21, a PEG ratio of 1.91 and a beta of 1.83. SL Green Realty Corp. has a 1-year low of $28.55 and a 1-year high of $73.80. The business’s 50 day moving average is $66.21 and its two-hundred day moving average is $58.46. 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 (NYSE:SLG) last issued 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. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. During the same period last year, the company earned $1.43 earnings per share. SL Green Realty’s revenue was down 9.4% on a year-over-year basis. As a group, research analysts expect that SL Green Realty Corp. will post 7.58 EPS for the current 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 issued a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $3.00 annualized dividend and a yield of 4.43%. SL Green Realty’s payout ratio is -36.32%.

Wall Street Analyst Weigh In

SLG has been the subject of several research analyst reports. Compass Point upgraded SL Green Realty from a “sell” rating to a “neutral” rating and increased their target price for the stock from $35.00 to $60.00 in a research report on Wednesday, September 18th. BMO Capital Markets increased their price objective on shares of SL Green Realty from $58.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Evercore ISI upgraded shares of SL Green Realty from an “underperform” rating to an “inline” rating and lifted their price objective for the company from $55.00 to $66.00 in a research report on Monday, September 16th. Piper Sandler upped their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Wells Fargo & Company lifted their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a report on Wednesday, September 11th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, SL Green Realty has a consensus rating of “Hold” and an average price target of $59.64.

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.