Adage Capital Partners GP L.L.C. Buys New Position in SL Green Realty Corp. (NYSE:SLG)

Adage Capital Partners GP L.L.C. purchased a new position in SL Green Realty Corp. (NYSE:SLG) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 35,000 shares of the real estate investment trust’s stock, valued at approximately $2,377,000.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of SL Green Realty in the fourth quarter worth $48,050,000. Vanguard Group Inc. grew its position in SL Green Realty by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock worth $735,594,000 after purchasing an additional 564,822 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of SL Green Realty by 12.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust’s stock worth $96,990,000 after purchasing an additional 159,870 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of SL Green Realty during the fourth quarter valued at about $7,705,000. Finally, Geode Capital Management LLC lifted its stake in shares of SL Green Realty by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust’s stock valued at $119,001,000 after buying an additional 110,594 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

SL Green Realty Trading Down 2.4 %

SLG stock opened at $52.97 on Wednesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 662.13, a P/E/G ratio of 5.30 and a beta of 1.61. The business has a fifty day moving average price of $56.47 and a 200 day moving average price of $66.09. SL Green Realty Corp. has a fifty-two week low of $45.15 and a fifty-two week high of $82.81.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.13. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. The business had revenue of $144.52 million during the quarter, compared to analysts’ expectations of $158.44 million. Analysts expect that SL Green Realty Corp. will post 5.43 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be issued a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Wednesday, April 30th. SL Green Realty’s dividend payout ratio is currently -735.71%.

Analysts Set New Price Targets

Several research firms have commented on SLG. Truist Financial cut their price target on SL Green Realty from $62.00 to $54.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. Scotiabank reduced their target price on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research report on Friday, February 28th. Wells Fargo & Company lowered their price target on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Jefferies Financial Group assumed coverage on shares of SL Green Realty in a research note on Monday, March 17th. They issued a “hold” rating and a $58.00 price objective for the company. Finally, Evercore ISI upgraded shares of SL Green Realty from an “in-line” rating to an “outperform” rating and decreased their target price for the company from $74.00 to $73.00 in a research report on Monday, March 17th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $68.13.

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.