Morse Asset Management Inc Purchases Shares of 20,825 SL Green Realty Corp. (NYSE:SLG)

Morse Asset Management Inc purchased a new stake in SL Green Realty Corp. (NYSE:SLG) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 20,825 shares of the real estate investment trust’s stock, valued at approximately $1,148,000.

Other hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC raised its position in shares of SL Green Realty by 199.3% during the 4th quarter. SG Americas Securities LLC now owns 11,826 shares of the real estate investment trust’s stock worth $534,000 after acquiring an additional 7,875 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $491,000. Caprock Group LLC acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $203,000. Private Trust Co. NA acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $33,000. Finally, International Assets Investment Management LLC raised its position in shares of SL Green Realty by 8,523.6% during the 4th quarter. International Assets Investment Management LLC now owns 9,486 shares of the real estate investment trust’s stock worth $428,000 after acquiring an additional 9,376 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Price Performance

Shares of SL Green Realty stock traded up $1.45 during trading on Friday, reaching $64.61. The company’s stock had a trading volume of 804,001 shares, compared to its average volume of 896,512. The company has a quick ratio of 2.96, a current ratio of 2.59 and a debt-to-equity ratio of 0.99. SL Green Realty Corp. has a 12-month low of $28.55 and a 12-month high of $66.54. The company has a market capitalization of $4.26 billion, a P/E ratio of -7.82, a price-to-earnings-growth ratio of 2.07 and a beta of 1.83. The business has a 50 day moving average price of $56.27 and a 200-day moving average price of $51.70.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The firm had revenue of $222.82 million for the quarter, compared to the consensus estimate of $133.83 million. During the same period in the previous year, the business earned $1.43 earnings per share. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that SL Green Realty Corp. will post 7.56 EPS for the current year.

SL Green Realty Cuts Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.64%. SL Green Realty’s dividend payout ratio (DPR) is presently -36.32%.

Analyst Upgrades and Downgrades

SLG has been the topic of several research analyst reports. Evercore ISI raised their target price on SL Green Realty from $47.00 to $49.00 and gave the stock an “underperform” rating in a research report on Monday, July 1st. StockNews.com raised SL Green Realty to a “sell” rating in a research report on Friday, July 19th. Scotiabank upgraded SL Green Realty from a “sector underperform” rating to a “sector perform” rating and raised their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, July 9th. Truist Financial raised their price target on SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Finally, Citigroup raised their price target on SL Green Realty from $31.00 to $37.00 and gave the stock a “sell” rating in a research note on Thursday, June 13th. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, SL Green Realty has a consensus rating of “Hold” and a consensus price target of $47.38.

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.