First Citizens Bank & Trust Co. Buys New Position in SL Green Realty Corporation $SLG

First Citizens Bank & Trust Co. bought a new stake in shares of SL Green Realty Corporation (NYSE:SLG) during the 2nd quarter, HoldingsChannel reports. The firm bought 7,253 shares of the real estate investment trust’s stock, valued at approximately $449,000.

Other hedge funds have also modified their holdings of the company. Summit Place Financial Advisors LLC raised its holdings in shares of SL Green Realty by 149.6% during the 1st quarter. Summit Place Financial Advisors LLC now owns 17,845 shares of the real estate investment trust’s stock valued at $1,030,000 after buying an additional 10,695 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of SL Green Realty by 6.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,741 shares of the real estate investment trust’s stock valued at $389,000 after buying an additional 384 shares during the period. KBC Group NV raised its holdings in shares of SL Green Realty by 20.9% during the 1st quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust’s stock valued at $193,000 after buying an additional 577 shares during the period. Wolverine Asset Management LLC raised its holdings in shares of SL Green Realty by 156.1% during the 1st quarter. Wolverine Asset Management LLC now owns 12,716 shares of the real estate investment trust’s stock valued at $734,000 after buying an additional 7,750 shares during the period. Finally, Intech Investment Management LLC raised its holdings in shares of SL Green Realty by 36.9% during the 1st quarter. Intech Investment Management LLC now owns 48,390 shares of the real estate investment trust’s stock valued at $2,792,000 after buying an additional 13,048 shares during the period. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at SL Green Realty

In related news, Director Carol N. Brown sold 937 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total transaction of $59,115.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.04% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SLG shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of SL Green Realty in a report on Friday. Jefferies Financial Group upgraded SL Green Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $57.00 to $63.00 in a report on Monday, October 13th. Citigroup upgraded SL Green Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $65.00 to $70.00 in a report on Friday, September 12th. LADENBURG THALM/SH SH initiated coverage on SL Green Realty in a report on Monday, October 13th. They set a “neutral” rating and a $63.00 price objective on the stock. Finally, New Street Research set a $72.00 price objective on SL Green Realty in a report on Thursday, October 9th. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, SL Green Realty currently has an average rating of “Hold” and a consensus target price of $64.67.

SL Green Realty Price Performance

Shares of SLG opened at $51.88 on Friday. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 5,192.99 and a beta of 1.77. The stock has a 50 day moving average of $58.13 and a 200-day moving average of $58.11. The company has a current ratio of 3.22, a quick ratio of 2.72 and a debt-to-equity ratio of 1.04. SL Green Realty Corporation has a 52 week low of $45.15 and a 52 week high of $82.81.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, October 15th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The business had revenue of $149.67 million during the quarter, compared to analyst estimates of $170.27 million. During the same quarter in the previous year, the firm posted $1.26 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, analysts forecast that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a dividend of $0.2575 per share. The ex-dividend date is Friday, October 31st. This represents a c) dividend on an annualized basis and a yield of 6.0%. SL Green Realty’s payout ratio is currently 30,900.00%.

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.