Geode Capital Management LLC Acquires 6,690 Shares of SL Green Realty Corporation $SLG

Geode Capital Management LLC increased its holdings in SL Green Realty Corporation (NYSE:SLG) by 0.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,833,682 shares of the real estate investment trust’s stock after buying an additional 6,690 shares during the period. Geode Capital Management LLC’s holdings in SL Green Realty were worth $113,518,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of SLG. Bessemer Group Inc. increased its holdings in shares of SL Green Realty by 67.8% in the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 253 shares during the period. Allworth Financial LP lifted its stake in shares of SL Green Realty by 2,432.8% during the 2nd quarter. Allworth Financial LP now owns 1,697 shares of the real estate investment trust’s stock worth $105,000 after purchasing an additional 1,630 shares during the last quarter. State of Wyoming bought a new stake in SL Green Realty during the first quarter valued at about $172,000. Profund Advisors LLC bought a new stake in SL Green Realty during the second quarter valued at about $210,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in SL Green Realty in the second quarter valued at about $225,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Stock Down 2.0%

NYSE:SLG opened at $43.02 on Friday. 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 twelve month low of $42.93 and a twelve month high of $80.90. The company has a market cap of $3.07 billion, a PE ratio of 4,306.31 and a beta of 1.75. The company’s 50 day moving average is $54.97 and its two-hundred day moving average is $57.69.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Thursday, October 16th. The real estate investment trust reported $1.58 EPS for the quarter, topping the consensus estimate of $1.34 by $0.24. The business had revenue of $244.82 million during the quarter, compared to the consensus estimate of $170.27 million. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.26 earnings per share. Analysts anticipate that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be given a dividend of $0.2575 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a c) dividend on an annualized basis and a yield of 7.2%. SL Green Realty’s payout ratio is currently 30,900.00%.

Insiders Place Their Bets

In other news, Director Carol N. Brown sold 937 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 5.04% of the company’s stock.

Wall Street Analyst Weigh In

SLG has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price target on shares of SL Green Realty from $69.00 to $71.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of SL Green Realty in a research note on Wednesday, October 8th. Wells Fargo & Company lowered their target price on shares of SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating for the company in a research note on Monday, October 27th. Jefferies Financial Group raised shares of SL Green Realty from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $57.00 to $63.00 in a report on Monday, October 13th. Finally, LADENBURG THALM/SH SH began coverage on SL Green Realty in a report on Monday, October 13th. They set a “neutral” rating and a $63.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $64.33.

SL Green Realty 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.