HighTower Advisors LLC Lowers Holdings in SL Green Realty Corp. (NYSE:SLG)

HighTower Advisors LLC decreased its holdings in SL Green Realty Corp. (NYSE:SLG) by 18.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,458 shares of the real estate investment trust’s stock after selling 1,695 shares during the period. HighTower Advisors LLC’s holdings in SL Green Realty were worth $507,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Point72 DIFC Ltd bought a new position in SL Green Realty in the 3rd quarter worth approximately $35,000. Jones Financial Companies Lllp purchased a new position in shares of SL Green Realty in the fourth quarter worth $39,000. Versant Capital Management Inc boosted its position in shares of SL Green Realty by 17.7% during 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 during the last quarter. Blue Trust Inc. grew its stake in SL Green Realty by 106.3% during the fourth quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust’s stock valued at $116,000 after acquiring an additional 857 shares in the last quarter. Finally, Game Plan Financial Advisors LLC bought a new stake in SL Green Realty in the 4th quarter valued at $149,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Price Performance

SL Green Realty stock opened at $57.53 on Monday. SL Green Realty Corp. has a 12-month low of $47.22 and a 12-month high of $82.81. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. The firm has a 50-day moving average price of $62.75 and a 200-day moving average price of $68.90. The firm has a market capitalization of $4.10 billion, a PE ratio of 719.15, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping 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%. As a group, equities research analysts forecast 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. Shareholders of record on Monday, March 31st will be given a $0.2575 dividend. This represents a $1.03 annualized dividend 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 dividend payout ratio is 3,862.50%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Compass Point increased their price objective on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Jefferies Financial Group began coverage on SL Green Realty in a research note on Monday, March 17th. They set a “hold” rating and a $58.00 price target for the company. Wells Fargo & Company reduced their price objective on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. JPMorgan Chase & Co. upgraded SL Green Realty from an “underweight” rating to a “neutral” rating and increased their target price for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Finally, Morgan Stanley boosted their price target on shares of SL Green Realty from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 12th. Two 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $69.87.

Insiders Place Their Bets

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now directly owns 2,052 shares in the company, valued at $136,047.60. This represents a 62.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.08% of the company’s stock.

About SL Green Realty

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.