SL Green Realty Corp. (NYSE:SLG) Stake Lowered by Ethic Inc.

Ethic Inc. lessened its stake in shares of SL Green Realty Corp. (NYSE:SLG) by 23.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,979 shares of the real estate investment trust’s stock after selling 1,856 shares during the quarter. Ethic Inc.’s holdings in SL Green Realty were worth $406,000 as of its most recent filing with the SEC.

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

SL Green Realty Stock Performance

Shares of NYSE:SLG opened at $58.84 on Friday. SL Green Realty Corp. has a 12-month low of $45.15 and a 12-month high of $82.81. The company’s 50 day moving average price is $54.84 and its two-hundred day moving average price is $64.42. The firm has a market cap of $4.20 billion, a PE ratio of 735.53, a PEG ratio of 5.30 and a beta of 1.59. 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 results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $158.44 million. Equities research analysts predict that SL Green Realty Corp. will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th were issued a dividend of $0.2575 per share. This represents a $1.03 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend was Wednesday, April 30th. SL Green Realty’s dividend payout ratio (DPR) is currently -735.71%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday, March 12th. Evercore ISI raised 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 note on Monday, March 17th. Truist Financial dropped their price target 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. Wells Fargo & Company decreased their price objective 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. Finally, Jefferies Financial Group started coverage on shares of SL Green Realty in a report on Monday, March 17th. They issued a “hold” rating and a $58.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and an average price target of $67.07.

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.