Tandem Capital Management Corp ADV Sells 1,670 Shares of SL Green Realty Corp. (NYSE:SLG)

Tandem Capital Management Corp ADV trimmed its holdings in shares of SL Green Realty Corp. (NYSE:SLG) by 2.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,895 shares of the real estate investment trust’s stock after selling 1,670 shares during the quarter. SL Green Realty accounts for approximately 2.2% of Tandem Capital Management Corp ADV’s investment portfolio, making the stock its 11th largest holding. Tandem Capital Management Corp ADV owned approximately 0.09% of SL Green Realty worth $4,068,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in SLG. abrdn plc boosted its holdings in shares of SL Green Realty by 71.7% in the fourth quarter. abrdn plc now owns 22,137 shares of the real estate investment trust’s stock valued at $1,467,000 after purchasing an additional 9,246 shares during the period. Custom Index Systems LLC purchased a new stake in shares of SL Green Realty in the 4th quarter worth $205,000. Caprock Group LLC bought a new position in shares of SL Green Realty during the 4th quarter worth $319,000. Vert Asset Management LLC grew its position in shares of SL Green Realty by 11.4% during the 4th quarter. Vert Asset Management LLC now owns 29,976 shares of the real estate investment trust’s stock worth $2,036,000 after buying an additional 3,067 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of SL Green Realty by 49.5% in the fourth quarter. KBC Group NV now owns 2,763 shares of the real estate investment trust’s stock valued at $188,000 after acquiring an additional 915 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Price Performance

Shares of SLG opened at $65.80 on Tuesday. The firm has a market capitalization of $4.34 billion, a PE ratio of 822.55, a price-to-earnings-growth ratio of 5.54 and a beta of 1.82. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.21 and a quick ratio of 2.58. The company’s fifty day moving average price is $69.49 and its 200-day moving average price is $69.46. SL Green Realty Corp. has a 1-year low of $41.88 and a 1-year high of $82.81.

SL Green Realty (NYSE:SLG) last posted its quarterly 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 negative return on equity of 0.10% and a net margin of 2.48%. On average, equities research analysts predict that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, February 18th. Investors of record on Friday, January 31st will be given a dividend of $0.2575 per share. This represents a $3.09 annualized dividend and a yield of 4.70%. The ex-dividend date of this dividend is Friday, January 31st. SL Green Realty’s dividend payout ratio is currently 3,862.50%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SLG shares. Compass Point increased their target price on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Wells Fargo & Company cut their price objective on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a report on Monday. BMO Capital Markets restated an “outperform” rating and set a $87.00 target price (up previously from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Scotiabank lifted their price target on SL Green Realty from $80.00 to $81.00 and gave the company a “sector perform” rating in a report on Tuesday, December 10th. Finally, Morgan Stanley upped their price objective on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $71.07.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the transaction, the director now owns 2,052 shares in the company, valued at approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.08% of the stock is currently owned by corporate insiders.

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.