HighTower Advisors LLC Sells 1,695 Shares of SL Green Realty Corp. (NYSE:SLG)

HighTower Advisors LLC lowered its holdings in SL Green Realty Corp. (NYSE:SLG) by 18.5% in the 4th quarter, HoldingsChannel reports. The firm owned 7,458 shares of the real estate investment trust’s stock after selling 1,695 shares during the quarter. HighTower Advisors LLC’s holdings in SL Green Realty were worth $507,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in SL Green Realty by 50.5% in the third quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock worth $202,777,000 after buying an additional 977,321 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 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. Allianz Asset Management GmbH raised its position in shares of SL Green Realty by 1.8% in the 4th quarter. Allianz Asset Management GmbH now owns 534,159 shares of the real estate investment trust’s stock worth $36,280,000 after acquiring an additional 9,299 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of SL Green Realty by 396.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust’s stock worth $31,058,000 after purchasing an additional 356,275 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in SL Green Realty by 12.2% during the fourth quarter. Principal Financial Group Inc. now owns 342,758 shares of the real estate investment trust’s stock valued at $23,280,000 after purchasing an additional 37,163 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Stock Down 1.4 %

SL Green Realty stock opened at $57.53 on Monday. The business’s 50-day simple moving average is $62.75 and its two-hundred day simple moving average is $68.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The company has a market cap of $4.10 billion, a PE ratio of 719.15, a PEG ratio of 5.30 and a beta of 1.82. SL Green Realty Corp. has a fifty-two week low of $47.22 and a fifty-two week high of $82.81.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. Equities analysts anticipate that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.2575 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.79%. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.25. SL Green Realty’s dividend payout ratio is presently 3,862.50%.

Insider Buying and Selling

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the sale, the director now directly owns 2,052 shares of the company’s stock, valued at $136,047.60. This trade represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.08% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SLG shares. Barclays reduced their target price on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Scotiabank decreased their target price on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research report on Friday, February 28th. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and raised their target price for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Mizuho increased their price objective on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Finally, Jefferies Financial Group began coverage on SL Green Realty in a research report on Monday, March 17th. They issued a “hold” rating and a $58.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, SL Green Realty currently has a consensus rating of “Hold” and a consensus target price of $69.87.

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.