Castle Hook Partners LP Buys New Stake in SL Green Realty Corp. (NYSE:SLG)

Castle Hook Partners LP purchased a new stake in shares of SL Green Realty Corp. (NYSE:SLG) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 14,294 shares of the real estate investment trust’s stock, valued at approximately $971,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SLG. Walleye Capital LLC acquired a new position in SL Green Realty in the 4th quarter worth about $857,000. Wolverine Asset Management LLC acquired a new position in shares of SL Green Realty during the 4th quarter worth approximately $337,000. Charles Schwab Investment Management Inc. grew its stake in SL Green Realty by 12.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust’s stock valued at $96,990,000 after acquiring an additional 159,870 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in SL Green Realty by 8.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 76,367 shares of the real estate investment trust’s stock worth $5,187,000 after acquiring an additional 6,158 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its position in SL Green Realty by 10.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 103,711 shares of the real estate investment trust’s stock worth $6,870,000 after acquiring an additional 9,753 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Price Performance

NYSE:SLG opened at $54.72 on Tuesday. SL Green Realty Corp. has a 52 week low of $45.15 and a 52 week high of $82.81. The stock’s fifty day moving average is $55.69 and its two-hundred day moving average is $65.49. The company has a market capitalization of $3.90 billion, a P/E ratio of 684.00, a P/E/G ratio of 5.30 and a beta of 1.61. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90.

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

SL Green Realty Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be given a dividend of $0.2575 per share. The ex-dividend date is Wednesday, April 30th. This represents a $1.03 annualized dividend and a dividend yield of 1.88%. SL Green Realty’s dividend payout ratio is currently -735.71%.

Wall Street Analysts Forecast Growth

SLG has been the subject of a number of research reports. Mizuho boosted their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Evercore ISI raised SL Green Realty from an “in-line” rating to an “outperform” rating and reduced their target price for the company from $74.00 to $73.00 in a report on Monday, March 17th. Truist Financial lowered their price target on SL Green Realty from $62.00 to $54.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Piper Sandler reduced their price objective on SL Green Realty from $90.00 to $72.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Finally, Morgan Stanley raised their price objective on SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, SL Green Realty has a consensus rating of “Hold” and an average price target of $67.07.

SL Green Realty Company Profile

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.