Alliancebernstein L.P. Buys 2,440 Shares of SL Green Realty Corp. (NYSE:SLG)

Alliancebernstein L.P. lifted its stake in shares of SL Green Realty Corp. (NYSE:SLG) by 2.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 102,062 shares of the real estate investment trust’s stock after acquiring an additional 2,440 shares during the period. Alliancebernstein L.P.’s holdings in SL Green Realty were worth $6,932,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Norges Bank bought a new position in SL Green Realty in the fourth quarter worth approximately $48,050,000. Vanguard Group Inc. lifted its holdings in shares of SL Green Realty by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock worth $735,594,000 after purchasing an additional 564,822 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position 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 valued at $96,990,000 after purchasing an additional 159,870 shares during the period. Proficio Capital Partners LLC bought a new stake in SL Green Realty during the 4th quarter valued at $7,705,000. Finally, Candriam S.C.A. acquired a new position in SL Green Realty during the fourth quarter worth $7,126,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total transaction of $229,066.50. Following the sale, the director now directly owns 2,052 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through this link. 5.08% of the stock is currently owned by insiders.

SL Green Realty Stock Performance

NYSE SLG opened at $49.69 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The company has a market capitalization of $3.54 billion, a PE ratio of 621.06, a price-to-earnings-growth ratio of 5.30 and a beta of 1.61. SL Green Realty Corp. has a 52-week low of $45.15 and a 52-week high of $82.81. The company has a 50-day simple moving average of $59.43 and a 200 day simple moving average of $67.38.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS 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 predict that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.2575 per share. This is an increase from SL Green Realty’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. This represents a $1.03 annualized dividend and a dividend yield of 2.07%. SL Green Realty’s dividend payout ratio is presently 3,862.50%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SLG shares. Evercore ISI raised shares of SL Green Realty from an “in-line” rating to an “outperform” rating and decreased their target price for the stock from $74.00 to $73.00 in a research report on Monday, March 17th. Truist Financial boosted their price objective on SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a report on Monday, January 27th. Bank of America dropped their target price on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Barclays lowered their price target on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Finally, Jefferies Financial Group assumed coverage on shares of SL Green Realty in a report on Monday, March 17th. They set a “hold” rating and a $58.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, SL Green Realty currently has an average rating of “Hold” and an average price target of $69.87.

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.