BBR Partners LLC Makes New Investment in SL Green Realty Corp. (NYSE:SLG)

BBR Partners LLC purchased a new stake in SL Green Realty Corp. (NYSE:SLG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,988 shares of the real estate investment trust’s stock, valued at approximately $278,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in SL Green Realty by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock valued at $88,275,000 after purchasing an additional 97,653 shares during the period. Lighthouse Investment Partners LLC lifted its stake in shares of SL Green Realty by 150.0% in the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after buying an additional 90,000 shares during the period. Dimensional Fund Advisors LP grew its position in SL Green Realty by 9.7% during the second quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after buying an additional 88,309 shares in the last quarter. Swedbank AB bought a new position in SL Green Realty during the first quarter valued at about $4,675,000. Finally, Waterfall Asset Management LLC acquired a new position in SL Green Realty in the 2nd quarter valued at approximately $3,172,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, August 6th. BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 price target (up from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $44.00 to $66.00 in a report on Friday, September 13th. Scotiabank upped their target price on shares of SL Green Realty from $68.00 to $80.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Finally, Jefferies Financial Group lifted their price target on shares of SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a report on Friday, November 22nd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $66.00.

SL Green Realty Stock Performance

SLG stock opened at $78.85 on Thursday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. SL Green Realty Corp. has a twelve month low of $33.64 and a twelve month high of $82.81. The business’s fifty day moving average is $74.38 and its 200-day moving average is $64.83. The company has a market cap of $5.20 billion, a P/E ratio of -31.54, a price-to-earnings-growth ratio of 2.08 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The company had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same quarter last year, the business posted $1.27 EPS. Equities research analysts forecast that SL Green Realty Corp. will post 7.61 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend is Friday, November 29th. SL Green Realty’s payout ratio is presently -120.00%.

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.