Legal & General Group Plc Takes Position in SL Green Realty Corporation $SLG

Legal & General Group Plc bought a new stake in SL Green Realty Corporation (NYSE:SLG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 528,180 shares of the real estate investment trust’s stock, valued at approximately $27,344,000.

Several other hedge funds have also recently added to or reduced their stakes in SLG. Triumph Capital Management acquired a new stake in SL Green Realty during the third quarter valued at approximately $45,000. Davis Capital Management acquired a new position in shares of SL Green Realty in the 1st quarter worth approximately $46,000. Global Retirement Partners LLC bought a new position in shares of SL Green Realty during the 2nd quarter worth approximately $53,000. Fourth Dimension Wealth LLC lifted its position in shares of SL Green Realty by 45.5% during the 4th quarter. Fourth Dimension Wealth LLC now owns 1,600 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 500 shares during the period. Finally, Hantz Financial Services Inc. boosted its stake in SL Green Realty by 30.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust’s stock valued at $74,000 after buying an additional 378 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

Insider Activity

In other news, insider Harrison Sitomer sold 23,113 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the sale, the insider directly owned 109,468 shares of the company’s stock, valued at $6,317,398.28. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 5.94% of the company’s stock.

SL Green Realty Stock Performance

Shares of NYSE:SLG opened at $57.65 on Friday. The business has a fifty day moving average of $53.57 and a 200-day moving average of $45.87. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. SL Green Realty Corporation has a twelve month low of $34.77 and a twelve month high of $66.29. The firm has a market cap of $4.10 billion, a PE ratio of -21.12, a price-to-earnings-growth ratio of 2.49 and a beta of 1.58.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The business had revenue of $264.00 million for the quarter, compared to the consensus estimate of $179.01 million. During the same quarter in the prior year, the company earned $1.63 EPS. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. On average, equities research analysts predict that SL Green Realty Corporation will post 5.53 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.6175 per share. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Tuesday, June 30th. SL Green Realty’s dividend payout ratio is presently -90.48%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SLG shares. JPMorgan Chase & Co. upped their price target on SL Green Realty from $51.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, August 25th. Scotiabank boosted their target price on shares of SL Green Realty from $56.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 5th. LADENBURG THALM/SH SH upped their target price on shares of SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Barclays set a $52.00 target price on shares of SL Green Realty and gave the stock an “equal weight” rating in a research report on Tuesday, July 21st. Finally, UBS Group set a $60.00 price target on shares of SL Green Realty in a report on Monday, July 27th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and a consensus price target of $56.20.

SL Green Realty Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.