Commonwealth Equity Services LLC Has $1.54 Million Stock Position in SL Green Realty Corp. (NYSE:SLG)

Commonwealth Equity Services LLC lessened its stake in SL Green Realty Corp. (NYSE:SLG) by 23.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,640 shares of the real estate investment trust’s stock after selling 6,863 shares during the quarter. Commonwealth Equity Services LLC’s holdings in SL Green Realty were worth $1,538,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new position in shares of SL Green Realty in the 3rd quarter valued at $35,000. Jones Financial Companies Lllp acquired a new position in SL Green Realty in the fourth quarter valued at about $39,000. Versant Capital Management Inc increased its holdings in shares of SL Green Realty by 17.7% in the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 157 shares in the last quarter. Blue Trust Inc. grew its position in shares of SL Green Realty by 106.3% in the 4th quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 857 shares during the period. Finally, Game Plan Financial Advisors LLC bought a new position in SL Green Realty in the fourth quarter valued at approximately $149,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

Wall Street Analyst Weigh In

SLG has been the subject of a number of research reports. Jefferies Financial Group began coverage on SL Green Realty in a report on Monday, March 17th. They set a “hold” rating and a $58.00 target price for the company. Scotiabank dropped their target price on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 28th. Barclays cut 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 note on Tuesday, January 28th. Bank of America lowered their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Finally, Evercore ISI raised shares of SL Green Realty from an “in-line” rating to an “outperform” rating and cut their price objective for the stock from $74.00 to $73.00 in a research report on Monday, March 17th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $69.87.

SL Green Realty Trading Down 1.4 %

Shares of SL Green Realty stock opened at $57.53 on Friday. 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 firm has a 50-day moving average of $62.75 and a 200-day moving average of $68.89. SL Green Realty Corp. has a 52-week low of $47.22 and a 52-week high of $82.81. The stock 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 (NYSE:SLG) last posted its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. As a group, sell-side analysts forecast that SL Green Realty Corp. will post 5.43 EPS 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. Investors of record on Monday, March 31st will be paid a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from SL Green Realty’s previous quarterly dividend of $0.25. SL Green Realty’s payout ratio is 3,862.50%.

Insider Buying and Selling

In other news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.08% of the stock is currently owned by company insiders.

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.