Principal Financial Group Inc. Sells 14,240 Shares of SL Green Realty Corp. (NYSE:SLG)

Principal Financial Group Inc. lessened its holdings in shares of SL Green Realty Corp. (NYSE:SLG - Free Report) by 4.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 305,595 shares of the real estate investment trust's stock after selling 14,240 shares during the quarter. Principal Financial Group Inc. owned about 0.46% of SL Green Realty worth $21,272,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of SLG. Venturi Wealth Management LLC increased its position in shares of SL Green Realty by 272.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 272 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of SL Green Realty during the 2nd quarter valued at about $29,000. Point72 DIFC Ltd acquired a new position in shares of SL Green Realty in the 3rd quarter worth approximately $35,000. Friedenthal Financial bought a new stake in shares of SL Green Realty in the 3rd quarter worth approximately $49,000. Finally, Rothschild Investment LLC acquired a new stake in SL Green Realty during the second quarter valued at approximately $55,000. Institutional investors own 89.96% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SLG. Wells Fargo & Company upped their price target on SL Green Realty from $43.00 to $63.00 and gave the company an "equal weight" rating in a report on Wednesday, September 11th. JPMorgan Chase & Co. upgraded SL Green Realty from an "underweight" rating to a "neutral" rating and boosted their price objective for the stock from $51.00 to $80.00 in a report on Tuesday, December 10th. Barclays raised their price objective on shares of SL Green Realty from $66.00 to $78.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 22nd. BMO Capital Markets reaffirmed an "outperform" rating and issued a $87.00 target price (up previously from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Finally, Evercore ISI increased their price objective on SL Green Realty from $67.00 to $79.00 and gave the stock an "in-line" rating in a research note on Monday, October 21st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $68.67.

SL Green Realty Stock Performance

Shares of SLG traded down $0.23 during mid-day trading on Thursday, hitting $68.07. The company's stock had a trading volume of 600,140 shares, compared to its average volume of 986,134. The stock's 50-day moving average is $75.74 and its two-hundred day moving average is $67.70. The firm has a market capitalization of $4.49 billion, a PE ratio of -27.23, a price-to-earnings-growth ratio of 4.26 and a beta of 1.81. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. SL Green Realty Corp. has a one year low of $41.81 and a one year high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The company had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. During the same quarter in the previous year, the firm posted $1.27 EPS. As a group, sell-side analysts anticipate that SL Green Realty Corp. will post 7.82 EPS for the current year.

SL Green Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.2575 dividend. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.54%. This is a positive change from SL Green Realty's previous monthly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 31st. SL Green Realty's dividend payout ratio is presently -123.60%.

About SL Green Realty

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.