Geode Capital Management LLC Acquires 6,690 Shares of SL Green Realty Corporation $SLG

Geode Capital Management LLC increased its stake in SL Green Realty Corporation (NYSE:SLG) by 0.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,833,682 shares of the real estate investment trust’s stock after acquiring an additional 6,690 shares during the period. Geode Capital Management LLC owned approximately 2.57% of SL Green Realty worth $113,518,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its holdings in shares of SL Green Realty by 117.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 43,513 shares of the real estate investment trust’s stock worth $2,511,000 after purchasing an additional 23,457 shares during the period. Victory Capital Management Inc. lifted its position in SL Green Realty by 134.3% in the first quarter. Victory Capital Management Inc. now owns 62,051 shares of the real estate investment trust’s stock worth $3,580,000 after buying an additional 35,565 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in SL Green Realty during the first quarter worth $947,000. KLP Kapitalforvaltning AS boosted its stake in SL Green Realty by 2.2% during the first quarter. KLP Kapitalforvaltning AS now owns 13,874 shares of the real estate investment trust’s stock worth $804,000 after buying an additional 300 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in SL Green Realty by 1.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,776 shares of the real estate investment trust’s stock valued at $2,584,000 after acquiring an additional 623 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Stock Performance

Shares of NYSE:SLG opened at $43.02 on Friday. The firm’s 50 day simple moving average is $54.97 and its 200-day simple moving average is $57.69. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.72 and a current ratio of 3.22. SL Green Realty Corporation has a one year low of $42.93 and a one year high of $80.90. The firm has a market cap of $3.07 billion, a PE ratio of 4,306.31 and a beta of 1.75.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. The firm had revenue of $244.82 million during the quarter, compared to analyst estimates of $170.27 million. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.SL Green Realty’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.26 earnings per share. As a group, equities analysts predict that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a dividend of $0.2575 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a c) dividend on an annualized basis and a dividend yield of 7.2%. SL Green Realty’s dividend payout ratio is presently 30,900.00%.

Insider Activity at SL Green Realty

In related news, Director Carol N. Brown sold 937 shares of SL Green Realty stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.04% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SLG shares. Evercore ISI lowered their target price on shares of SL Green Realty from $72.00 to $63.00 and set an “outperform” rating for the company in a report on Monday, October 20th. Barclays set a $59.00 price objective on shares of SL Green Realty in a research note on Monday, November 3rd. LADENBURG THALM/SH SH began coverage on SL Green Realty in a research note on Monday, October 13th. They set a “neutral” rating and a $63.00 target price on the stock. New Street Research set a $72.00 price target on SL Green Realty in a report on Thursday, October 9th. Finally, Citigroup upgraded SL Green Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $65.00 to $70.00 in a report on Friday, September 12th. Five investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $64.33.

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.