KLP Kapitalforvaltning AS Invests $925,000 in SL Green Realty Corp. (NYSE:SLG)

KLP Kapitalforvaltning AS bought a new stake in shares of SL Green Realty Corp. (NYSE:SLG) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 13,574 shares of the real estate investment trust’s stock, valued at approximately $925,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its position in shares of SL Green Realty by 50.5% in the third quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock worth $202,777,000 after buying an additional 977,321 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in SL Green Realty by 12.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust’s stock worth $96,990,000 after acquiring an additional 159,870 shares during the period. Allianz Asset Management GmbH grew its position in SL Green Realty by 1.8% in the fourth quarter. Allianz Asset Management GmbH now owns 534,159 shares of the real estate investment trust’s stock valued at $36,280,000 after acquiring an additional 9,299 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of SL Green Realty by 396.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust’s stock valued at $31,058,000 after purchasing an additional 356,275 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of SL Green Realty by 12.2% during the fourth quarter. Principal Financial Group Inc. now owns 342,758 shares of the real estate investment trust’s stock worth $23,280,000 after purchasing an additional 37,163 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Truist Financial lifted their price target on shares of SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, January 27th. Evercore ISI upgraded SL Green Realty from an “in-line” rating to an “outperform” rating and cut their price target for the stock from $74.00 to $73.00 in a research note on Monday, March 17th. Scotiabank lowered their price objective on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research note on Friday, February 28th. Barclays cut their target price on 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, Compass Point lifted their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $69.87.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $57.78 on Tuesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The firm has a market capitalization of $4.12 billion, a PE ratio of 722.24, a P/E/G ratio of 5.30 and a beta of 1.82. SL Green Realty Corp. has a 1-year low of $47.22 and a 1-year high of $82.81. The business’s fifty day moving average price is $62.59 and its two-hundred day moving average price is $68.83.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. On average, research analysts expect that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a yield of 1.78%. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. SL Green Realty’s dividend payout ratio is 3,862.50%.

Insider Activity at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the transaction, the director now owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 5.08% of the stock is owned by insiders.

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.