The Manufacturers Life Insurance Company Acquires Shares of 40,626 SL Green Realty Corporation $SLG

The Manufacturers Life Insurance Company bought a new position in SL Green Realty Corporation (NYSE:SLG) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 40,626 shares of the real estate investment trust’s stock, valued at approximately $2,103,000.

Several other institutional investors have also made changes to their positions in the company. Algert Global LLC purchased a new stake in shares of SL Green Realty in the 2nd quarter valued at approximately $673,000. Cibc World Market Inc. acquired a new stake in SL Green Realty during the 2nd quarter valued at $298,000. Sanctuary Advisors LLC purchased a new stake in shares of SL Green Realty in the second quarter valued at $380,000. PEAK6 LLC purchased a new stake in shares of SL Green Realty in the second quarter valued at $3,639,000. Finally, Clear Harbor Asset Management LLC acquired a new stake in shares of SL Green Realty in the second quarter worth $2,043,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at SL Green Realty

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the transaction, the insider directly owned 109,468 shares of the company’s stock, valued at $6,317,398.28. The trade was a 17.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.94% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SLG. Wells Fargo & Company set a $56.50 price target on SL Green Realty and gave the company an “equal weight” rating in a research report on Tuesday. Scotiabank upped their target price on SL Green Realty from $56.00 to $60.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 5th. UBS Group set a $60.00 price target on shares of SL Green Realty in a research report on Monday, July 27th. LADENBURG THALM/SH SH boosted their price objective on shares of SL Green Realty from $42.00 to $46.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Finally, Truist Financial set a $57.00 target price on shares of SL Green Realty and gave the stock a “hold” rating in a research report on Monday, August 24th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $56.83.

SL Green Realty Stock Performance

Shares of NYSE SLG opened at $55.24 on Thursday. The business’s 50-day simple moving average is $53.90 and its 200-day simple moving average is $46.20. 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 firm has a market cap of $3.93 billion, a price-to-earnings ratio of -20.24, a P/E/G ratio of 2.36 and a beta of 1.60.

SL Green Realty (NYSE:SLG) last released its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $264.00 million during the quarter, compared to analyst estimates of $179.01 million. During the same quarter in the previous year, the business earned $1.63 EPS. The business’s revenue was up 16.5% on a year-over-year basis. As a group, equities research analysts expect that SL Green Realty Corporation will post 5.53 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.6175 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.47 annualized dividend and a yield of 4.5%. SL Green Realty’s dividend payout ratio is presently -90.48%.

SL Green Realty Company 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.