Harvest Fund Management Co. Ltd Trims Stake in SL Green Realty Corp. (NYSE:SLG)

Harvest Fund Management Co. Ltd lowered its position in SL Green Realty Corp. (NYSE:SLG) by 30.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,145 shares of the real estate investment trust’s stock after selling 2,726 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in SL Green Realty were worth $417,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc raised its stake in shares of SL Green Realty by 17.7% in the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 157 shares during the period. MML Investors Services LLC raised its stake in shares of SL Green Realty by 2.7% in the third quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 161 shares during the period. GAMMA Investing LLC raised its stake in shares of SL Green Realty by 5.1% in the fourth quarter. GAMMA Investing LLC now owns 4,192 shares of the real estate investment trust’s stock valued at $285,000 after acquiring an additional 203 shares during the period. Natixis Advisors LLC increased its stake in SL Green Realty by 1.3% in the 4th quarter. Natixis Advisors LLC now owns 21,820 shares of the real estate investment trust’s stock worth $1,482,000 after buying an additional 284 shares during the period. Finally, Ieq Capital LLC increased its stake in SL Green Realty by 9.3% in the 4th quarter. Ieq Capital LLC now owns 4,542 shares of the real estate investment trust’s stock worth $308,000 after buying an additional 387 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Stock Down 1.5 %

Shares of NYSE:SLG opened at $57.40 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The firm has a market capitalization of $4.09 billion, a PE ratio of 717.55, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82. The firm’s 50-day moving average is $63.33 and its two-hundred day moving average is $69.03. SL Green Realty Corp. has a 1 year low of $47.22 and a 1 year high of $82.81.

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

SL Green Realty Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.2575 per share. The ex-dividend date is Monday, March 31st. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.25. This represents a $1.03 dividend on an annualized basis and a yield of 1.79%. SL Green Realty’s dividend payout ratio is 3,862.50%.

Insiders Place Their Bets

In related news, Director Craig M. Hatkoff sold 3,455 shares of the company’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 directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.08% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on SLG. Wells Fargo & Company reduced their price target on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Barclays reduced their price target on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Compass Point raised their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Evercore ISI raised shares of SL Green Realty from an “in-line” rating to an “outperform” rating and reduced their price target for the stock from $74.00 to $73.00 in a research note on Monday, March 17th. Finally, Morgan Stanley raised their price target on shares of SL Green Realty from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 12th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $69.87.

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.