Morse Asset Management Inc Raises Position in SL Green Realty Corp. (NYSE:SLG)

Morse Asset Management Inc raised its position in SL Green Realty Corp. (NYSE:SLG) by 3.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,575 shares of the real estate investment trust’s stock after buying an additional 750 shares during the period. Morse Asset Management Inc’s holdings in SL Green Realty were worth $1,222,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SLG. GAMMA Investing LLC boosted its stake in shares of SL Green Realty by 6.3% in the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock worth $182,000 after acquiring an additional 196 shares during the last quarter. Xponance Inc. boosted its stake in SL Green Realty by 6.6% during the 2nd quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock worth $240,000 after purchasing an additional 262 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of SL Green Realty by 6.2% during the fourth quarter. CIBC Asset Management Inc now owns 7,093 shares of the real estate investment trust’s stock worth $320,000 after buying an additional 414 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of SL Green Realty by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the real estate investment trust’s stock valued at $1,846,000 after buying an additional 500 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of SL Green Realty in the second quarter worth about $29,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SLG has been the subject of a number of recent research reports. Piper Sandler increased their price objective on shares of SL Green Realty from $58.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Compass Point raised SL Green Realty from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $35.00 to $60.00 in a research note on Wednesday, September 18th. Truist Financial raised their target price on SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. boosted their price target on shares of SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, August 6th. Finally, Wells Fargo & Company raised their price objective on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 11th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, SL Green Realty presently has an average rating of “Hold” and a consensus price target of $59.64.

SL Green Realty Stock Down 0.3 %

Shares of NYSE SLG opened at $71.99 on Monday. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. The business’s 50 day moving average is $64.76 and its two-hundred day moving average is $57.19. SL Green Realty Corp. has a 52-week low of $28.55 and a 52-week high of $73.80. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of -8.72, a PEG ratio of 2.22 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The firm had revenue of $222.82 million for the quarter, compared to the consensus estimate of $133.83 million. During the same quarter in the previous year, the business earned $1.43 EPS. The company’s quarterly revenue was down 9.4% compared to the same quarter last year. Research analysts predict that SL Green Realty Corp. will post 7.58 EPS for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend is Monday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is currently -36.32%.

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.