First Trust Advisors LP Buys 135,816 Shares of SL Green Realty Corp. (NYSE:SLG)

First Trust Advisors LP raised its holdings in SL Green Realty Corp. (NYSE:SLG – Get Rating) by 89.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 286,873 shares of the real estate investment trust’s stock after purchasing an additional 135,816 shares during the quarter. First Trust Advisors LP’s holdings in SL Green Realty were worth $11,521,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Bramshill Investments LLC raised its position in SL Green Realty by 1.9% in the 2nd quarter. Bramshill Investments LLC now owns 15,464 shares of the real estate investment trust’s stock valued at $714,000 after purchasing an additional 291 shares during the last quarter. Yousif Capital Management LLC raised its position in SL Green Realty by 0.8% in the 1st quarter. Yousif Capital Management LLC now owns 37,024 shares of the real estate investment trust’s stock valued at $3,006,000 after purchasing an additional 299 shares during the last quarter. Phocas Financial Corp. raised its position in SL Green Realty by 2.6% in the 3rd quarter. Phocas Financial Corp. now owns 13,250 shares of the real estate investment trust’s stock valued at $532,000 after purchasing an additional 330 shares during the last quarter. Salem Investment Counselors Inc. raised its position in SL Green Realty by 21.7% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,944 shares of the real estate investment trust’s stock valued at $90,000 after purchasing an additional 346 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position in SL Green Realty by 0.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 41,461 shares of the real estate investment trust’s stock valued at $1,913,000 after purchasing an additional 372 shares during the last quarter. Institutional investors own 82.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SLG shares. Citigroup boosted their target price on SL Green Realty from $30.00 to $35.00 and gave the stock a “sell” rating in a research report on Wednesday, February 8th. Mizuho dropped their target price on SL Green Realty from $48.00 to $38.00 and set a “neutral” rating for the company in a research report on Wednesday, January 4th. Deutsche Bank Aktiengesellschaft downgraded SL Green Realty from a “buy” rating to a “hold” rating and set a $32.00 target price for the company. in a research report on Wednesday, January 4th. Morgan Stanley dropped their target price on SL Green Realty from $38.00 to $35.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, BMO Capital Markets downgraded SL Green Realty from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $47.00 to $41.00 in a research report on Tuesday, December 6th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $46.94.

Insider Activity

In other news, Director Craig M. Hatkoff sold 9,000 shares of the business’s stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $34.31, for a total value of $308,790.00. Following the sale, the director now directly owns 2,052 shares in the company, valued at $70,404.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.21% of the company’s stock.

SL Green Realty Stock Down 5.7 %

NYSE:SLG opened at $29.74 on Friday. SL Green Realty Corp. has a 1 year low of $29.60 and a 1 year high of $83.96. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.64 and a quick ratio of 2.64. The stock has a 50-day moving average price of $36.92 and a two-hundred day moving average price of $38.89.

SL Green Realty (NYSE:SLG – Get Rating) last posted its earnings results on Wednesday, January 25th. The real estate investment trust reported ($1.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($2.49). SL Green Realty had a negative net margin of 9.44% and a negative return on equity of 1.62%. The business had revenue of $197.29 million during the quarter, compared to analyst estimates of $194.74 million. During the same period in the previous year, the firm posted $1.52 earnings per share. The firm’s revenue was up 31.4% on a year-over-year basis. As a group, sell-side analysts expect that SL Green Realty Corp. will post 5.48 EPS for the current year.

SL Green Realty Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th will be issued a $0.2708 dividend. The ex-dividend date of this dividend is Monday, February 27th. This represents a $3.25 dividend on an annualized basis and a dividend yield of 10.93%. SL Green Realty’s dividend payout ratio (DPR) is -218.12%.

About SL Green Realty

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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.