Wolverine Asset Management LLC Acquires New Position in SL Green Realty Corp. (NYSE:SLG)

Wolverine Asset Management LLC acquired a new stake in SL Green Realty Corp. (NYSE:SLG) in the fourth quarter, Holdings Channel.com reports. The fund acquired 4,966 shares of the real estate investment trust’s stock, valued at approximately $337,000.

Other hedge funds have also recently modified their holdings of the company. Venturi Wealth Management LLC grew its holdings in shares of SL Green Realty by 272.0% in the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 272 shares during the period. Point72 DIFC Ltd purchased a new position in SL Green Realty during the third quarter worth about $35,000. Blue Trust Inc. boosted its stake in SL Green Realty by 363.2% during the third quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 632 shares during the period. Versant Capital Management Inc boosted its stake in SL Green Realty by 17.7% during the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 157 shares during the period. Finally, Game Plan Financial Advisors LLC purchased a new position in SL Green Realty during the fourth quarter worth about $149,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Stock Down 2.7 %

Shares of NYSE:SLG opened at $62.72 on Monday. The firm’s 50 day moving average price is $66.26 and its 200 day moving average price is $69.60. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of 784.05, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82. SL Green Realty Corp. has a fifty-two week low of $45.87 and a fifty-two week high of $82.81. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating the consensus estimate 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%. As a group, equities research analysts predict that SL Green Realty Corp. will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.2575 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $3.09 dividend on an annualized basis and a yield of 4.93%. SL Green Realty’s payout ratio is currently 3,862.50%.

Insiders Place Their Bets

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction that occurred on 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 owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This trade 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 can be accessed through this link. 5.08% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SLG shares. Bank of America lowered their target price on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Jefferies Financial Group lowered their target price on shares of SL Green Realty from $75.00 to $69.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. Mizuho increased their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Wells Fargo & Company lowered their price objective on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Finally, Barclays lowered their price objective on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 28th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $71.07.

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.