abrdn plc Increases Position in SL Green Realty Corp. (NYSE:SLG)

abrdn plc boosted its position in SL Green Realty Corp. (NYSE:SLG) by 71.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 22,137 shares of the real estate investment trust’s stock after acquiring an additional 9,246 shares during the period. abrdn plc’s holdings in SL Green Realty were worth $1,467,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. FMR LLC raised its position in shares of SL Green Realty by 69.1% in the 3rd quarter. FMR LLC now owns 58,185 shares of the real estate investment trust’s stock worth $4,050,000 after buying an additional 23,780 shares during the period. Weiss Asset Management LP purchased a new position in shares of SL Green Realty in the 3rd quarter worth about $771,000. Citigroup Inc. lifted its stake in shares of SL Green Realty by 54.6% in the 3rd quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust’s stock valued at $5,958,000 after purchasing an additional 30,220 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of SL Green Realty by 23.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 65,933 shares of the real estate investment trust’s stock worth $4,478,000 after purchasing an additional 12,424 shares during the period. Finally, Kestra Investment Management LLC acquired a new stake in SL Green Realty during the 3rd quarter worth approximately $876,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

SL Green Realty Price Performance

SL Green Realty stock opened at $64.62 on Tuesday. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of 807.70, a PEG ratio of 5.49 and a beta of 1.82. The stock’s 50 day moving average is $68.24 and its 200-day moving average is $69.62. The company has a current ratio of 3.21, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. SL Green Realty Corp. has a 12 month low of $42.10 and a 12 month high of $82.81.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Equities research analysts expect that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, February 18th. Investors of record on Friday, January 31st will be given a dividend of $0.2575 per share. This represents a $3.09 dividend on an annualized basis and a yield of 4.78%. The ex-dividend date is Friday, January 31st. SL Green Realty’s dividend payout ratio is 3,862.50%.

Analyst Ratings Changes

A number of brokerages have commented on SLG. Bank of America reduced their price objective on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Jefferies Financial Group reduced their price target on SL Green Realty from $75.00 to $69.00 and set a “hold” rating on the stock in a research report on Thursday, January 2nd. Mizuho increased their price objective on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Barclays reduced their target price on shares of 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. Finally, Scotiabank raised their price target on shares of SL Green Realty from $80.00 to $81.00 and gave the company a “sector perform” rating in a report on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $71.07.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the transaction, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.08% of the stock is owned by 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.