The Manufacturers Life Insurance Company Has $2.86 Million Holdings in SL Green Realty Corp. (NYSE:SLG)

The Manufacturers Life Insurance Company boosted its holdings in SL Green Realty Corp. (NYSE:SLG) by 1.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,140 shares of the real estate investment trust’s stock after purchasing an additional 721 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of SL Green Realty worth $2,862,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new stake in shares of SL Green Realty in the fourth quarter valued at about $39,000. Quadrant Capital Group LLC raised its stake in SL Green Realty by 37.4% in the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 208 shares during the period. Summit Securities Group LLC bought a new position in shares of SL Green Realty during the 4th quarter worth approximately $88,000. FIL Ltd boosted its stake in shares of SL Green Realty by 53.3% during the 4th quarter. FIL Ltd now owns 1,582 shares of the real estate investment trust’s stock worth $107,000 after acquiring an additional 550 shares during the period. Finally, Blue Trust Inc. raised its stake in SL Green Realty by 106.3% in the 4th quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust’s stock valued at $116,000 after acquiring an additional 857 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Truist Financial dropped their price objective on shares of SL Green Realty from $62.00 to $54.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Bank of America reduced their price objective on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Barclays lowered their target price on SL Green Realty from $76.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 30th. Morgan Stanley upped 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. Finally, Wells Fargo & Company reduced their target price on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and a consensus target price of $67.07.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $56.61 on Friday. The company’s 50 day moving average price is $55.05 and its two-hundred day moving average price is $65.06. The firm has a market capitalization of $4.04 billion, a P/E ratio of 707.63, a P/E/G ratio of 5.30 and a beta of 1.59. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. 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 issued its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.13. The business had revenue of $144.52 million for the quarter, compared to analyst estimates of $158.44 million. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. On average, equities analysts forecast that SL Green Realty Corp. will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be issued a dividend of $0.2575 per share. This represents a $1.03 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Wednesday, April 30th. SL Green Realty’s payout ratio is -735.71%.

SL Green Realty 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.