Fmr LLC Acquires 23,780 Shares of SL Green Realty Corp. (NYSE:SLG)

Fmr LLC grew its position in SL Green Realty Corp. (NYSE:SLG) by 69.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 58,185 shares of the real estate investment trust’s stock after purchasing an additional 23,780 shares during the period. Fmr LLC’s holdings in SL Green Realty were worth $4,050,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in SLG. Charles Schwab Investment Management Inc. grew its position in shares of SL Green Realty by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock worth $88,275,000 after buying an additional 97,653 shares during the period. Lighthouse Investment Partners LLC raised its holdings in SL Green Realty by 150.0% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock worth $8,496,000 after buying an additional 90,000 shares during the period. Dimensional Fund Advisors LP boosted its stake in SL Green Realty by 9.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after purchasing an additional 88,309 shares during the period. Waterfall Asset Management LLC bought a new position in shares of SL Green Realty during the second quarter worth about $3,172,000. Finally, Phocas Financial Corp. raised its position in SL Green Realty by 52.5% in the 3rd quarter. Phocas Financial Corp. now owns 111,376 shares of the real estate investment trust’s stock valued at $7,753,000 after buying an additional 38,349 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SLG. Barclays increased their target price on shares of SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Bank of America lifted their price objective on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. BMO Capital Markets reissued an “outperform” rating and issued a $87.00 price target (up from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Jefferies Financial Group lifted their price objective on shares of SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday, November 22nd. Finally, Scotiabank raised their price target on SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $68.67.

SL Green Realty Stock Performance

SL Green Realty stock opened at $74.60 on Friday. The business has a 50 day moving average of $75.46 and a 200-day moving average of $66.47. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. SL Green Realty Corp. has a 1 year low of $41.81 and a 1 year high of $82.81. The company has a market capitalization of $4.92 billion, a P/E ratio of -29.78, a P/E/G ratio of 3.49 and a beta of 1.81.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The company had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. During the same period in the previous year, the firm posted $1.27 earnings per share. On average, equities research analysts predict that SL Green Realty Corp. will post 7.84 earnings per share for the current year.

SL Green Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.2575 dividend. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend is Tuesday, December 31st. SL Green Realty’s payout ratio is presently -120.00%.

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.