Principal Financial Group Inc. raised its stake in SL Green Realty Corp. (NYSE:SLG – Get Rating) by 34.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 314,248 shares of the real estate investment trust's stock after purchasing an additional 81,107 shares during the quarter. Principal Financial Group Inc. owned 0.49% of SL Green Realty worth $25,510,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. California Public Employees Retirement System increased its position in shares of SL Green Realty by 1.0% during the first quarter. California Public Employees Retirement System now owns 148,847 shares of the real estate investment trust's stock valued at $12,083,000 after acquiring an additional 1,420 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of SL Green Realty during the fourth quarter valued at approximately $343,000. Quent Capital LLC purchased a new stake in shares of SL Green Realty during the fourth quarter valued at approximately $72,000. Summit Global Investments purchased a new stake in shares of SL Green Realty during the first quarter valued at approximately $284,000. Finally, Squarepoint Ops LLC increased its position in shares of SL Green Realty by 39.1% during the fourth quarter. Squarepoint Ops LLC now owns 37,158 shares of the real estate investment trust's stock valued at $2,664,000 after acquiring an additional 10,436 shares during the last quarter. 84.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SLG. The Goldman Sachs Group decreased their price target on SL Green Realty from $90.00 to $79.00 and set a "buy" rating for the company in a research report on Wednesday, May 25th. Credit Suisse Group assumed coverage on SL Green Realty in a research report on Wednesday, June 22nd. They issued a "neutral" rating and a $51.00 target price for the company. Wells Fargo & Company decreased their target price on SL Green Realty from $76.00 to $48.00 and set an "equal weight" rating for the company in a research report on Friday, July 1st. Truist Financial decreased their target price on SL Green Realty from $80.00 to $57.00 and set a "hold" rating for the company in a research report on Thursday, June 30th. Finally, Piper Sandler decreased their target price on SL Green Realty to $52.00 in a research report on Friday, July 22nd. Ten analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $60.51.

SL Green Realty Price Performance

SL Green Realty (NYSE:SLG – Get Rating) last posted its quarterly earnings results on Wednesday, July 20th. The real estate investment trust reported ($0.70) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.76). The company had revenue of $155.20 million during the quarter, compared to the consensus estimate of $157.74 million. SL Green Realty had a return on equity of 6.35% and a net margin of 40.01%. SL Green Realty's revenue was down 15.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.65 earnings per share. As a group, equities research analysts forecast that SL Green Realty Corp. will post 6.75 EPS for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which was paid on Monday, August 15th. Investors of record on Friday, July 29th were paid a dividend of $0.3108 per share. This represents a $3.73 annualized dividend and a yield of 7.33%. The ex-dividend date of this dividend was Thursday, July 28th. SL Green Realty's dividend payout ratio is 82.60%.

SL Green Realty Profile

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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.

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