Arrowstreet Capital Limited Partnership Sells 256,515 Shares of SL Green Realty Corp. (NYSE:SLG)

Arrowstreet Capital Limited Partnership trimmed its position in SL Green Realty Corp. (NYSE:SLG) by 98.1% during the fourth quarter, Holdings Channel reports. The firm owned 4,863 shares of the real estate investment trust’s stock after selling 256,515 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in SL Green Realty were worth $330,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of SLG. Versant Capital Management Inc lifted its holdings in SL Green Realty by 17.7% during the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 157 shares during the last quarter. MML Investors Services LLC lifted its stake in shares of SL Green Realty by 2.7% during the 3rd quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock worth $427,000 after buying an additional 161 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of SL Green Realty by 5.1% during the 4th quarter. GAMMA Investing LLC now owns 4,192 shares of the real estate investment trust’s stock worth $285,000 after buying an additional 203 shares during the period. Natixis Advisors LLC grew its stake in SL Green Realty by 1.3% in the 4th quarter. Natixis Advisors LLC now owns 21,820 shares of the real estate investment trust’s stock valued at $1,482,000 after buying an additional 284 shares during the last quarter. Finally, Ieq Capital LLC raised its holdings in SL Green Realty by 9.3% in the 4th quarter. Ieq Capital LLC now owns 4,542 shares of the real estate investment trust’s stock valued at $308,000 after acquiring an additional 387 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SLG has been the topic of several research reports. Barclays decreased their target price on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 28th. Jefferies Financial Group initiated coverage on SL Green Realty in a report on Monday, March 17th. They issued a “hold” rating and a $58.00 price objective on the stock. Bank of America dropped their target price on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Mizuho upped their price target on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Finally, Scotiabank dropped their price objective on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research note on Friday, February 28th. 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 company. According to MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and a consensus target price of $69.87.

Insider Transactions at SL Green Realty

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 transaction of $229,066.50. Following the completion of the transaction, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.08% of the company’s stock.

SL Green Realty Stock Performance

Shares of NYSE:SLG opened at $49.69 on Monday. SL Green Realty Corp. has a 1 year low of $45.15 and a 1 year high of $82.81. The stock has a market capitalization of $3.54 billion, a price-to-earnings ratio of 621.06, a price-to-earnings-growth ratio of 5.30 and a beta of 1.61. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The company’s 50 day simple moving average is $59.43 and its 200 day simple moving average is $67.37.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share 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%. As a group, research analysts predict that SL Green Realty Corp. will post 5.43 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.2575 per share. This is an increase from SL Green Realty’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.03 annualized dividend and a yield of 2.07%. SL Green Realty’s payout ratio is presently 3,862.50%.

SL Green Realty 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.