Advisors Capital Management LLC Reduces Stock Holdings in SL Green Realty Corporation $SLG

Advisors Capital Management LLC lowered its position in SL Green Realty Corporation (NYSE:SLG) by 4.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,082 shares of the real estate investment trust’s stock after selling 1,018 shares during the quarter. Advisors Capital Management LLC’s holdings in SL Green Realty were worth $1,159,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Mackenzie Financial Corp grew its holdings in shares of SL Green Realty by 4.7% in the first quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust’s stock valued at $307,000 after purchasing an additional 240 shares during the period. Nissay Asset Management Corp Japan ADV grew its holdings in shares of SL Green Realty by 2.5% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 10,257 shares of the real estate investment trust’s stock valued at $592,000 after purchasing an additional 247 shares during the period. KLP Kapitalforvaltning AS grew its holdings in shares of SL Green Realty by 2.2% in the first quarter. KLP Kapitalforvaltning AS now owns 13,874 shares of the real estate investment trust’s stock valued at $804,000 after purchasing an additional 300 shares during the period. Two Sigma Advisers LP grew its holdings in shares of SL Green Realty by 1.3% in the fourth quarter. Two Sigma Advisers LP now owns 24,316 shares of the real estate investment trust’s stock valued at $1,652,000 after purchasing an additional 301 shares during the period. Finally, Xponance Inc. grew its holdings in shares of SL Green Realty by 6.6% in the first quarter. Xponance Inc. now owns 5,745 shares of the real estate investment trust’s stock valued at $331,000 after purchasing an additional 357 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on SLG. Wall Street Zen lowered shares of SL Green Realty from a “hold” rating to a “sell” rating in a research note on Saturday, May 24th. Scotiabank raised shares of SL Green Realty from a “sector perform” rating to a “sector outperform” rating and set a $71.00 target price for the company in a research note on Friday, July 25th. Citigroup raised shares of SL Green Realty from a “neutral” rating to a “buy” rating and increased their target price for the stock from $65.00 to $70.00 in a research note on Friday. Truist Financial increased their target price on shares of SL Green Realty from $54.00 to $58.00 and gave the stock a “hold” rating in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. lowered their target price on shares of SL Green Realty from $70.00 to $69.00 and set a “neutral” rating for the company in a research note on Wednesday, July 9th. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, SL Green Realty currently has a consensus rating of “Hold” and an average target price of $67.57.

Insider Activity

In other news, Director Carol N. Brown sold 937 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $63.09, for a total transaction of $59,115.33. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 5.04% of the company’s stock.

SL Green Realty Stock Up 3.8%

Shares of SLG opened at $65.71 on Friday. The stock has a market capitalization of $4.69 billion, a PE ratio of -121.68 and a beta of 1.74. SL Green Realty Corporation has a 1 year low of $45.15 and a 1 year high of $82.81. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.72 and a current ratio of 2.72. The company’s 50-day simple moving average is $58.39 and its 200-day simple moving average is $58.07.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.26. The business had revenue of $147.54 million for the quarter, compared to analysts’ expectations of $171.24 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.05 earnings per share. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. Analysts forecast that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently declared a aug 25 dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $0.2575 per share. This represents a dividend yield of 543.0%. The ex-dividend date of this dividend is Friday, August 29th. SL Green Realty’s dividend payout ratio is currently -572.22%.

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.