Vanguard Group Inc. Purchases 564,822 Shares of SL Green Realty Corp. (NYSE:SLG)

Vanguard Group Inc. grew its holdings in SL Green Realty Corp. (NYSE:SLG) by 5.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,830,293 shares of the real estate investment trust’s stock after acquiring an additional 564,822 shares during the quarter. Vanguard Group Inc. owned 16.43% of SL Green Realty worth $735,594,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Wellington Management Group LLP boosted its holdings in SL Green Realty by 50.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock valued at $202,777,000 after purchasing an additional 977,321 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of SL Green Realty by 396.3% in the third 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 valued at $31,058,000 after buying an additional 356,275 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of SL Green Realty in the third quarter valued at approximately $18,811,000. Charles Schwab Investment Management Inc. grew its position in SL Green Realty by 12.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust’s stock worth $96,990,000 after buying an additional 159,870 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new position in SL Green Realty during the 4th quarter worth $7,705,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SLG shares. Wells Fargo & Company cut their target price on 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. Jefferies Financial Group assumed coverage on shares of SL Green Realty in a research note on Monday, March 17th. They set a “hold” rating and a $58.00 price objective on the stock. Truist Financial boosted their target price on shares of SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a research report on Monday, January 27th. Compass Point increased their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Finally, Bank of America lowered their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.87.

SL Green Realty Stock Performance

SL Green Realty stock opened at $57.53 on Monday. The business has a 50 day moving average of $62.75 and a 200-day moving average of $68.90. 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 1 year low of $47.22 and a 1 year high of $82.81. The company has a market capitalization of $4.10 billion, a P/E ratio of 719.15, a P/E/G ratio of 5.30 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. On average, equities research analysts predict that SL Green Realty Corp. will post 5.43 earnings per share for the current year.

SL Green Realty Increases Dividend

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

Insider Activity

In other news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This represents a 62.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 5.08% of the company’s stock.

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.