National Asset Management Inc. decreased its holdings in shares of SL Green Realty Corp. (NYSE:SLG) by 47.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,909 shares of the real estate investment trust’s stock after selling 2,659 shares during the quarter. National Asset Management Inc.’s holdings in SL Green Realty were worth $233,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of SL Green Realty in the first quarter valued at approximately $29,000. Eaton Vance Management acquired a new stake in shares of SL Green Realty in the first quarter valued at approximately $36,000. Lazard Asset Management LLC acquired a new stake in shares of SL Green Realty in the first quarter valued at approximately $37,000. O Shaughnessy Asset Management LLC increased its stake in shares of SL Green Realty by 501.9% in the first quarter. O Shaughnessy Asset Management LLC now owns 638 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 532 shares during the period. Finally, Marshall Wace North America L.P. acquired a new stake in shares of SL Green Realty in the first quarter valued at approximately $72,000. Hedge funds and other institutional investors own 87.11% of the company’s stock.
In related news, Director Betsy S. Atkins sold 3,229 shares of the firm’s stock in a transaction that occurred on Monday, September 20th. The shares were sold at an average price of $66.85, for a total value of $215,858.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.99% of the company’s stock.
SL Green Realty (NYSE:SLG) last issued its earnings results on Tuesday, July 20th. The real estate investment trust reported $1.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.62 by ($0.11). The business had revenue of $184.61 million for the quarter, compared to the consensus estimate of $182.52 million. SL Green Realty had a return on equity of 5.84% and a net margin of 32.04%. The company’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.76 earnings per share. On average, sell-side analysts expect that SL Green Realty Corp. will post 6.59 EPS for the current fiscal year.
The firm also recently announced a monthly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, September 30th will be issued a dividend of $0.303 per share. This represents a $3.64 dividend on an annualized basis and a yield of 4.96%. The ex-dividend date of this dividend is Wednesday, September 29th. SL Green Realty’s payout ratio is 51.20%.
Several equities research analysts have commented on SLG shares. Barclays started coverage on shares of SL Green Realty in a research note on Wednesday, September 1st. They issued an “overweight” rating and a $81.00 price target on the stock. Piper Sandler raised their price objective on shares of SL Green Realty from $75.00 to $88.00 and gave the company a “neutral” rating in a research note on Monday, June 14th. Morgan Stanley raised their price objective on shares of SL Green Realty from $68.00 to $73.00 and gave the company an “equal weight” rating in a research note on Monday, July 19th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of SL Green Realty from $66.00 to $77.00 and gave the company a “hold” rating in a research note on Friday, June 25th. Finally, Bank of America upgraded shares of SL Green Realty from an “underperform” rating to a “neutral” rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, SL Green Realty has an average rating of “Hold” and an average price target of $71.90.
About SL Green Realty
SL Green Realty Corp. operates as a real estate investment trust. The firm engages in the acquisition, development, ownership, management and operation of commercial and residential real estate properties. It operates through the Real Estate, and Debt & Preferred Equity Investments business segments.
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