Orion Portfolio Solutions LLC Acquires 649 Shares of SL Green Realty Corp. (NYSE:SLG)

Orion Portfolio Solutions LLC grew its stake in shares of SL Green Realty Corp. (NYSE:SLG) by 13.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,600 shares of the real estate investment trust’s stock after buying an additional 649 shares during the period. Orion Portfolio Solutions LLC’s holdings in SL Green Realty were worth $390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Venturi Wealth Management LLC increased its holdings in SL Green Realty by 272.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 272 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of SL Green Realty in the second quarter worth about $29,000. Point72 DIFC Ltd purchased a new stake in shares of SL Green Realty in the third quarter worth about $35,000. Friedenthal Financial bought a new position in SL Green Realty during the third quarter valued at approximately $49,000. Finally, Rothschild Investment LLC purchased a new position in SL Green Realty during the 2nd quarter valued at approximately $55,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $69.05 on Thursday. SL Green Realty Corp. has a 12 month low of $41.81 and a 12 month high of $82.81. The stock’s fifty day moving average price is $75.96 and its 200-day moving average price is $67.20. The firm has a market cap of $4.55 billion, a P/E ratio of -27.62, a P/E/G ratio of 4.26 and a beta of 1.81. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last posted its quarterly 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 net margin of 16.78% and a negative return on equity of 3.76%. The business had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. During the same quarter in the prior year, the firm posted $1.27 EPS. On average, equities research analysts expect that SL Green Realty Corp. will post 7.82 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.2575 dividend. This represents a $3.09 annualized dividend and a dividend yield of 4.48%. This is a positive change from SL Green Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 31st. SL Green Realty’s payout ratio is presently -123.60%.

Analyst Ratings Changes

SLG has been the subject of a number of recent research reports. Bank of America raised their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Compass Point increased their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Piper Sandler reissued an “overweight” rating and set a $90.00 price objective (up from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and upped their price objective for the company from $44.00 to $66.00 in a research report on Friday, September 13th. Finally, Jefferies Financial Group increased their price target on SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a report on Friday, November 22nd. 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.com, the company currently has an average rating of “Hold” and a consensus price target of $68.67.

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.