Cadence Capital Management LLC cut its holdings in SL Green Realty Corp (NYSE:SLG) by 29.4% during the fourth quarter, Holdings Channel reports. The fund owned 5,187 shares of the real estate investment trust’s stock after selling 2,160 shares during the period. Cadence Capital Management LLC’s holdings in SL Green Realty were worth $524,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Capital Investment Counsel Inc bought a new position in SL Green Realty in the third quarter valued at approximately $213,000. Cubist Systematic Strategies LLC bought a new position in shares of SL Green Realty during the third quarter worth $270,000. Everence Capital Management Inc. bought a new position in shares of SL Green Realty during the fourth quarter worth $281,000. ING Groep NV bought a new position in shares of SL Green Realty during the third quarter worth $350,000. Finally, Telos Capital Management Inc. bought a new position in shares of SL Green Realty during the third quarter worth $402,000.
Shares of SL Green Realty Corp (NYSE SLG) opened at $93.79 on Thursday. SL Green Realty Corp has a twelve month low of $89.46 and a twelve month high of $115.34. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.51. The company has a market cap of $8,601.91, a price-to-earnings ratio of 106.58, a P/E/G ratio of 2.29 and a beta of 1.12.
SL Green Realty announced that its Board of Directors has initiated a stock repurchase plan on Friday, December 1st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd were issued a dividend of $0.8125 per share. This represents a $3.25 dividend on an annualized basis and a dividend yield of 3.47%. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Friday, December 29th. SL Green Realty’s dividend payout ratio (DPR) is presently 369.32%.
In related news, CEO Marc Holliday acquired 7,880 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were acquired at an average cost of $25.20 per share, for a total transaction of $198,576.00. Following the completion of the acquisition, the chief executive officer now directly owns 88,900 shares in the company, valued at approximately $2,240,280. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Craig M. Hatkoff sold 3,400 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $93.73, for a total transaction of $318,682.00. Following the sale, the director now owns 1,365 shares in the company, valued at $127,941.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 169,400 shares of company stock worth $17,038,862. 2.99% of the stock is currently owned by company insiders.
SLG has been the topic of a number of recent analyst reports. Stifel Nicolaus reduced their price target on shares of SL Green Realty from $112.00 to $105.00 and set a “hold” rating on the stock in a research report on Tuesday, October 24th. Zacks Investment Research raised shares of SL Green Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, November 7th. SunTrust Banks set a $110.00 price target on shares of SL Green Realty and gave the stock a “buy” rating in a research report on Monday, January 22nd. ValuEngine cut shares of SL Green Realty from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Finally, Robert W. Baird reissued a “buy” rating and set a $114.00 price target on shares of SL Green Realty in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the stock. SL Green Realty has an average rating of “Buy” and an average price target of $114.83.
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SL Green Realty Company Profile
SL Green Realty Corp. is a self-managed real estate investment trust (REIT), with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing. The Company operates through two segments: real estate, and debt and preferred equity investments.
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