1,300 Shares in SL Green Realty Corp. (NYSE:SLG) Acquired by Summit Securities Group LLC

Summit Securities Group LLC bought a new stake in shares of SL Green Realty Corp. (NYSE:SLG) during the 4th quarter, HoldingsChannel.com reports. The firm bought 1,300 shares of the real estate investment trust’s stock, valued at approximately $88,000.

A number of other hedge funds also recently modified their holdings of SLG. Point72 DIFC Ltd purchased a new position in SL Green Realty during the third quarter valued at approximately $35,000. Jones Financial Companies Lllp acquired a new stake in shares of SL Green Realty during the 4th quarter valued at $39,000. Versant Capital Management Inc grew its holdings in shares of SL Green Realty by 17.7% during the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 157 shares in the last quarter. Blue Trust Inc. increased its stake in shares of SL Green Realty by 106.3% in the fourth quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust’s stock worth $116,000 after acquiring an additional 857 shares during the last quarter. Finally, Game Plan Financial Advisors LLC purchased a new stake in shares of SL Green Realty during the fourth quarter worth $149,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

Insider Transactions at SL Green Realty

In related 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 sale, the director now directly owns 2,052 shares of the company’s stock, valued at $136,047.60. This trade represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.08% of the company’s stock.

Wall Street Analysts Forecast Growth

SLG has been the topic of a number of recent research reports. Mizuho boosted their target price on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Evercore ISI upgraded SL Green Realty from an “in-line” rating to an “outperform” rating and dropped their price objective for the stock from $74.00 to $73.00 in a report on Monday, March 17th. Morgan Stanley lifted their target price on shares of SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 12th. Jefferies Financial Group assumed coverage on shares of SL Green Realty in a research note on Monday, March 17th. They set a “hold” rating and a $58.00 price target on the stock. Finally, JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $69.87.

SL Green Realty Price Performance

NYSE SLG opened at $57.53 on Monday. The stock has a 50-day simple moving average of $62.75 and a 200 day simple moving average of $68.90. SL Green Realty Corp. has a twelve month low of $47.22 and a twelve month high of $82.81. The stock has a market capitalization of $4.10 billion, a PE ratio of 719.15, a P/E/G ratio of 5.30 and a beta of 1.82. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, topping analysts’ consensus estimates 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%. Research analysts anticipate that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Increases Dividend

The business also recently declared 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%. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 31st. SL Green Realty’s dividend payout ratio (DPR) is currently 3,862.50%.

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.