Citigroup Inc. Grows Position in SL Green Realty Corp. (NYSE:SLG)

Citigroup Inc. lifted its position in SL Green Realty Corp. (NYSE:SLG) by 54.6% during the third quarter, Holdings Channel reports. The institutional investor owned 85,587 shares of the real estate investment trust’s stock after buying an additional 30,220 shares during the quarter. Citigroup Inc.’s holdings in SL Green Realty were worth $5,958,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new position in shares of SL Green Realty during the first quarter worth $237,000. DekaBank Deutsche Girozentrale raised its stake in shares of SL Green Realty by 18.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 67,923 shares of the real estate investment trust’s stock valued at $3,665,000 after acquiring an additional 10,704 shares during the period. Gilman Hill Asset Management LLC boosted its holdings in SL Green Realty by 2.1% during the 2nd quarter. Gilman Hill Asset Management LLC now owns 185,367 shares of the real estate investment trust’s stock valued at $10,499,000 after acquiring an additional 3,758 shares during the period. Sequoia Financial Advisors LLC boosted its holdings in SL Green Realty by 4.4% in the second quarter. Sequoia Financial Advisors LLC now owns 14,352 shares of the real estate investment trust’s stock valued at $813,000 after purchasing an additional 606 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in shares of SL Green Realty by 2.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 121,022 shares of the real estate investment trust’s stock valued at $6,885,000 after purchasing an additional 2,797 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SLG has been the topic of several research reports. 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 report on Monday, October 21st. Compass Point set a $65.00 price objective on SL Green Realty and gave the company a “neutral” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. lifted their target price on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 6th. BMO Capital Markets reiterated an “outperform” rating and set a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Finally, Morgan Stanley increased their price target on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and a consensus target price of $66.00.

SL Green Realty Trading Down 0.8 %

Shares of SLG opened at $78.19 on Monday. SL Green Realty Corp. has a 12-month low of $36.10 and a 12-month high of $82.81. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of -31.28, a P/E/G ratio of 3.82 and a beta of 1.82. The stock’s 50-day moving average price is $74.63 and its 200 day moving average price is $65.25.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $1.21 by ($1.42). The company had revenue of $229.69 million during 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 firm earned $1.27 EPS. As a group, research analysts predict that SL Green Realty Corp. will post 7.61 earnings per share for the current year.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.84%. The ex-dividend date is Friday, November 29th. SL Green Realty’s dividend payout ratio is -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.