Allianz Asset Management GmbH Cuts Stock Holdings in SL Green Realty Corporation $SLG

Allianz Asset Management GmbH lowered its holdings in SL Green Realty Corporation (NYSE:SLG) by 9.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 424,628 shares of the real estate investment trust’s stock after selling 42,903 shares during the period. Allianz Asset Management GmbH’s holdings in SL Green Realty were worth $26,284,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SLG. Nuveen LLC purchased a new position in SL Green Realty in the first quarter worth $87,878,000. Vanguard Group Inc. boosted its position in SL Green Realty by 2.6% in the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust’s stock worth $641,238,000 after purchasing an additional 283,009 shares during the last quarter. Vision Capital Corp purchased a new position in SL Green Realty in the first quarter worth $11,540,000. Aberdeen Group plc boosted its position in SL Green Realty by 633.1% in the first quarter. Aberdeen Group plc now owns 162,294 shares of the real estate investment trust’s stock worth $9,364,000 after purchasing an additional 140,157 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in SL Green Realty by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust’s stock worth $97,851,000 after purchasing an additional 130,206 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a research report on Wednesday, October 8th. Bank of America dropped their price target on SL Green Realty from $64.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday. Jefferies Financial Group raised SL Green Realty from a “neutral” rating to a “buy” rating and upped their price target for the company from $57.00 to $63.00 in a research report on Monday, October 13th. Scotiabank raised SL Green Realty from a “sector perform” rating to a “sector outperform” rating and set a $71.00 price target on the stock in a research report on Friday, July 25th. Finally, New Street Research set a $72.00 price target on SL Green Realty in a research report on Thursday, October 9th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $67.19.

SL Green Realty Stock Performance

NYSE:SLG opened at $52.45 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.72 and a current ratio of 3.22. SL Green Realty Corporation has a 52-week low of $45.15 and a 52-week high of $82.81. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 5,250.35 and a beta of 1.77. The business’s fifty day moving average is $58.31 and its 200 day moving average is $58.03.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, October 15th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. The company had revenue of $149.67 million for the quarter, compared to analyst estimates of $170.27 million. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.26 EPS. Research analysts predict that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be paid a $0.2575 dividend. This represents a c) dividend on an annualized basis and a yield of 5.9%. The ex-dividend date is Friday, October 31st. SL Green Realty’s dividend payout ratio is currently 30,900.00%.

Insiders Place Their Bets

In other SL Green Realty news, Director Carol N. Brown sold 937 shares of the company’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 5.04% of the stock is owned by corporate insiders.

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.