Northwestern Mutual Wealth Management Co. Has $1.39 Million Stake in SL Green Realty Corporation $SLG

Northwestern Mutual Wealth Management Co. raised its position in SL Green Realty Corporation (NYSE:SLG) by 379.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,794 shares of the real estate investment trust’s stock after purchasing an additional 21,210 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in SL Green Realty were worth $1,387,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of SL Green Realty in the 2nd quarter valued at approximately $706,881,000. State Street Corp lifted its stake in SL Green Realty by 1.0% in the second quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust’s stock valued at $264,636,000 after acquiring an additional 41,873 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in SL Green Realty by 25.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 3,041,226 shares of the real estate investment trust’s stock valued at $139,501,000 after purchasing an additional 617,488 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in SL Green Realty by 62.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock worth $133,862,000 after purchasing an additional 1,117,357 shares during the period. Finally, Cohen & Steers Inc. bought a new position in SL Green Realty during the fourth quarter worth about $121,675,000. 89.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Piper Sandler set a $79.00 price target on shares of SL Green Realty and gave the company an “overweight” rating in a report on Friday, July 24th. JPMorgan Chase & Co. upped their target price 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. UBS Group set a $60.00 target price on SL Green Realty in a research note on Monday, July 27th. Citigroup reiterated a “buy” rating and set a $60.00 price objective (up from $45.00) on shares of SL Green Realty in a research report on Friday, July 24th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $60.00 target price (up from $52.00) 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 issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $56.83.

Insiders Place Their Bets

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the business’s stock in a transaction 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 owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.94% of the stock is owned by corporate insiders.

SL Green Realty Price Performance

SL Green Realty stock opened at $55.56 on Friday. 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 52 week low of $34.77 and a 52 week high of $66.29. The stock has a market capitalization of $3.95 billion, a P/E ratio of -20.35, a price-to-earnings-growth ratio of 2.40 and a beta of 1.60. The stock has a fifty day moving average of $54.07 and a 200-day moving average of $46.37.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The business had revenue of $264.00 million for the quarter, compared to analyst estimates of $179.01 million. During the same period last year, the firm posted $1.63 earnings per share. SL Green Realty’s revenue was up 16.5% compared to the same quarter last year. On average, sell-side analysts expect that SL Green Realty Corporation will post 5.53 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors 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 yield of 4.4%. The ex-dividend date was Tuesday, June 30th. SL Green Realty’s dividend payout ratio is currently -90.48%.

About SL Green Realty

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.