Jackson Creek Investment Advisors LLC Takes Position in SL Green Realty Corporation (NYSE:SLG)

Jackson Creek Investment Advisors LLC bought a new position in SL Green Realty Corporation (NYSE:SLG) in the 1st quarter, HoldingsChannel reports. The institutional investor bought 23,866 shares of the real estate investment trust’s stock, valued at approximately $1,377,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of SL Green Realty during the fourth quarter worth approximately $48,050,000. Northern Trust Corp grew its position in SL Green Realty by 79.9% in the fourth quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust’s stock valued at $97,101,000 after acquiring an additional 634,788 shares during the period. Vanguard Group Inc. grew its holdings in shares of SL Green Realty by 5.5% during the fourth 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. Balyasny Asset Management L.P. bought a new position in SL Green Realty in the fourth quarter valued at about $29,000,000. Finally, Alyeska Investment Group L.P. lifted its stake in SL Green Realty by 30.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,493,208 shares of the real estate investment trust’s stock valued at $101,419,000 after buying an additional 347,608 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 SLG traded down $0.31 on Friday, reaching $61.00. 60,214 shares of the company’s stock traded hands, compared to its average volume of 886,134. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 0.99. The stock has a market cap of $4.35 billion, a PE ratio of -113.19 and a beta of 1.65. The stock’s 50 day simple moving average is $60.99 and its two-hundred day simple moving average is $60.32. SL Green Realty Corporation has a 52-week low of $45.15 and a 52-week high of $82.81.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.26. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. The business had revenue of $147.54 million during the quarter, compared to analyst estimates of $171.24 million. During the same period in the prior year, the company earned $2.05 earnings per share. SL Green Realty’s revenue was up 8.6% compared to the same quarter last year. On average, analysts forecast that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date was Monday, June 30th. SL Green Realty’s payout ratio is currently -572.22%.

Analyst Ratings Changes

A number of research firms have recently commented on SLG. JPMorgan Chase & Co. dropped their price target on SL Green Realty from $70.00 to $69.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 9th. Scotiabank set a $71.00 price objective on SL Green Realty and gave the company a “sector perform” rating in a report on Monday. Wall Street Zen cut SL Green Realty from a “hold” rating to a “sell” rating in a report on Saturday, May 24th. Piper Sandler reduced their price target on SL Green Realty from $90.00 to $72.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Finally, Barclays cut 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 report on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $65.60.

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.