Peregrine Capital Management LLC Lowers Stock Holdings in SL Green Realty Corp. (NYSE:SLG)

Peregrine Capital Management LLC cut its stake in SL Green Realty Corp. (NYSE:SLG – Get Rating) by 1.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 244,104 shares of the real estate investment trust’s stock after selling 2,645 shares during the period. Peregrine Capital Management LLC owned about 0.38% of SL Green Realty worth $8,231,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SLG. Marshall Wace LLP increased its position in shares of SL Green Realty by 455.8% during the third quarter. Marshall Wace LLP now owns 1,305,879 shares of the real estate investment trust’s stock worth $52,444,000 after purchasing an additional 1,070,944 shares in the last quarter. DAVENPORT & Co LLC increased its position in SL Green Realty by 53.2% in the 3rd quarter. DAVENPORT & Co LLC now owns 1,941,644 shares of the real estate investment trust’s stock valued at $77,976,000 after acquiring an additional 674,516 shares during the period. PGGM Investments acquired a new position in SL Green Realty in the 3rd quarter valued at about $19,681,000. State Street Corp increased its position in SL Green Realty by 12.2% in the 1st quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust’s stock valued at $314,295,000 after acquiring an additional 419,067 shares during the period. Finally, Waterfront Capital Partners LLC acquired a new position in SL Green Realty in the 3rd quarter valued at about $15,486,000. 82.00% of the stock is currently owned by institutional investors and hedge funds.

SL Green Realty Stock Down 10.3 %

SLG stock opened at $23.57 on Friday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 2.64 and a current ratio of 2.64. The business has a fifty day simple moving average of $36.16 and a 200-day simple moving average of $38.25. SL Green Realty Corp. has a 52 week low of $23.15 and a 52 week high of $83.96.

SL Green Realty (NYSE:SLG – Get Rating) last released its quarterly earnings data on Wednesday, January 25th. The real estate investment trust reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($2.49). The firm had revenue of $197.29 million for the quarter, compared to analyst estimates of $194.74 million. SL Green Realty had a negative return on equity of 1.62% and a negative net margin of 9.44%. The company’s quarterly revenue was up 31.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.52 earnings per share. As a group, analysts predict that SL Green Realty Corp. will post 5.48 earnings per share for the current year.

SL Green Realty Cuts Dividend

The firm also recently declared a monthly dividend, which was paid on Wednesday, March 15th. Investors of record on Tuesday, February 28th were given a dividend of $0.2708 per share. The ex-dividend date was Monday, February 27th. This represents a $3.25 dividend on an annualized basis and a yield of 13.79%. SL Green Realty’s dividend payout ratio (DPR) is -218.12%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SLG. Deutsche Bank Aktiengesellschaft cut SL Green Realty from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research report on Wednesday, January 4th. Citigroup lifted their price objective on SL Green Realty from $30.00 to $35.00 and gave the company a “sell” rating in a report on Wednesday, February 8th. Scotiabank lowered SL Green Realty from a “sector perform” rating to an “underperform” rating and lowered their price objective for the company from $43.00 to $34.00 in a report on Tuesday, December 6th. BMO Capital Markets lowered SL Green Realty from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $47.00 to $41.00 in a report on Tuesday, December 6th. Finally, Morgan Stanley lowered their price objective on SL Green Realty from $38.00 to $35.00 and set an “equal weight” rating on the stock in a report on Thursday, March 9th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $46.31.

Insider Buying and Selling

In other SL Green Realty news, Director Craig M. Hatkoff sold 9,000 shares of the company’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $34.31, for a total value of $308,790.00. Following the completion of the transaction, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $70,404.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 5.21% of the stock is owned by corporate insiders.

About SL Green Realty

(Get Rating)

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.