Miracle Mile Advisors LLC Invests $209,000 in SL Green Realty Corp. (NYSE:SLG)

Miracle Mile Advisors LLC purchased a new stake in shares of SL Green Realty Corp. (NYSE:SLG) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 3,000 shares of the real estate investment trust’s stock, valued at approximately $209,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of SL Green Realty during the second quarter valued at approximately $29,000. Rothschild Investment LLC bought a new stake in shares of SL Green Realty in the 2nd quarter worth $55,000. Fidelis Capital Partners LLC purchased a new stake in shares of SL Green Realty in the first quarter valued at about $55,000. GAMMA Investing LLC lifted its position in shares of SL Green Realty by 6.3% during the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock valued at $182,000 after purchasing an additional 196 shares in the last quarter. Finally, Meeder Advisory Services Inc. purchased a new position in SL Green Realty during the first quarter worth about $201,000. 89.96% of the stock is owned by institutional investors.

SL Green Realty Stock Up 1.0 %

SLG opened at $67.16 on Thursday. The company has a 50 day moving average of $66.23 and a 200 day moving average of $58.68. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty Corp. has a 12 month low of $28.55 and a 12 month high of $73.80. The company has a market cap of $4.37 billion, a PE ratio of -8.13, a price-to-earnings-growth ratio of 1.88 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share 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 company had revenue of $222.82 million during the quarter, compared to analysts’ expectations of $133.83 million. During the same period in the previous year, the business earned $1.43 earnings per share. The firm’s quarterly revenue was down 9.4% compared to the same quarter last year. On average, sell-side analysts expect that SL Green Realty Corp. will post 7.58 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.47%. SL Green Realty’s dividend payout ratio (DPR) is currently -36.32%.

Analyst Upgrades and Downgrades

SLG has been the topic of several recent analyst reports. BMO Capital Markets lifted their target price on shares of SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price target on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. Piper Sandler raised their target price on SL Green Realty from $58.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Evercore ISI upgraded SL Green Realty from an “underperform” rating to an “inline” rating and lifted their target price for the stock from $55.00 to $66.00 in a research note on Monday, September 16th. Finally, Morgan Stanley raised their price objective on shares of SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $59.86.

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.