Northwestern Mutual Wealth Management Co. Buys Shares of 26,794 SL Green Realty Corporation $SLG

Northwestern Mutual Wealth Management Co. purchased a new position in shares of SL Green Realty Corporation (NYSE:SLG) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 26,794 shares of the real estate investment trust’s stock, valued at approximately $1,387,000.

A number of other institutional investors have also recently made changes to their positions in SLG. Hosking Partners LLP boosted its holdings in SL Green Realty by 18.5% in the fourth quarter. Hosking Partners LLP now owns 290,166 shares of the real estate investment trust’s stock worth $13,310,000 after acquiring an additional 45,337 shares in the last quarter. Levin Capital Strategies L.P. purchased a new position in shares of SL Green Realty in the 4th quarter valued at approximately $3,588,000. Royal Bank of Canada boosted its stake in SL Green Realty by 903.3% in the 1st quarter. Royal Bank of Canada now owns 142,614 shares of the real estate investment trust’s stock worth $5,268,000 after purchasing an additional 128,400 shares in the last quarter. Nan Fung Trinity HK Ltd. purchased a new stake in SL Green Realty during the 4th quarter worth approximately $6,230,000. Finally, Bank of America Corp DE increased its stake in SL Green Realty by 226.6% during the 1st quarter. Bank of America Corp DE now owns 744,053 shares of the real estate investment trust’s stock valued at $27,485,000 after purchasing an additional 516,242 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

Insider Buying and Selling

In other news, insider Harrison Sitomer sold 23,113 shares of the business’s 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 completion of the sale, the insider directly owned 109,468 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. Insiders own 5.94% of the company’s stock.

Analyst Ratings Changes

SLG has been the subject of several research reports. 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 note on Friday, July 24th. Piper Sandler set a $79.00 price target on SL Green Realty and gave the stock an “overweight” rating in a research report on Friday, July 24th. Morgan Stanley set a $52.00 price objective on SL Green Realty and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. Barclays set a $52.00 target price on SL Green Realty and gave the stock an “equal weight” rating in a report on Tuesday, July 21st. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $60.00 price target (up from $52.00) on shares of SL Green Realty in a report on Monday, July 27th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $56.20.

SL Green Realty Stock Performance

SLG opened at $59.85 on Wednesday. The firm has a fifty day moving average price of $53.09 and a 200 day moving average price of $45.58. SL Green Realty Corporation has a 1 year low of $34.77 and a 1 year high of $66.29. The stock has a market cap of $4.26 billion, a P/E ratio of -21.92, a P/E/G ratio of 2.57 and a beta of 1.58. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.10 and a quick ratio of 3.10.

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 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 company had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $179.01 million. During the same quarter in the previous year, the company earned $1.63 earnings per share. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. Equities research analysts anticipate that SL Green Realty Corporation will post 5.44 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.6175 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.47 dividend on an annualized basis and a yield of 4.1%. SL Green Realty’s dividend payout ratio is currently -90.48%.

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.