Tandem Capital Management Corp ADV Reduces Position in SL Green Realty Corp. (NYSE:SLG)

Tandem Capital Management Corp ADV trimmed its position in SL Green Realty Corp. (NYSE:SLG) by 1.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 61,565 shares of the real estate investment trust’s stock after selling 768 shares during the period. SL Green Realty comprises about 2.2% of Tandem Capital Management Corp ADV’s investment portfolio, making the stock its 12th biggest position. Tandem Capital Management Corp ADV’s holdings in SL Green Realty were worth $4,286,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Daiwa Securities Group Inc. raised its stake in SL Green Realty by 479.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 113,028 shares of the real estate investment trust’s stock valued at $6,231,000 after purchasing an additional 93,511 shares during the period. Janney Montgomery Scott LLC grew its holdings in SL Green Realty by 12.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 124,978 shares of the real estate investment trust’s stock valued at $6,890,000 after buying an additional 13,412 shares in the last quarter. UniSuper Management Pty Ltd grew its holdings in SL Green Realty by 82.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 33,229 shares of the real estate investment trust’s stock valued at $1,832,000 after buying an additional 14,975 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in SL Green Realty by 24.7% during the 1st quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after buying an additional 158,268 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in SL Green Realty by 18.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 67,923 shares of the real estate investment trust’s stock valued at $3,665,000 after buying an additional 10,704 shares in the last quarter. Institutional investors own 89.96% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on SLG shares. Morgan Stanley raised their price target on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Wells Fargo & Company lifted their target price on SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. BMO Capital Markets reiterated an “outperform” rating and issued 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 target price on SL Green Realty from $68.00 to $80.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Finally, Evercore ISI lifted their target price on SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $65.57.

SL Green Realty Trading Up 0.5 %

Shares of NYSE SLG opened at $77.88 on Thursday. The firm has a market cap of $5.07 billion, a PE ratio of -31.15, a price-to-earnings-growth ratio of 2.02 and a beta of 1.83. The company has a quick ratio of 2.59, a current ratio of 2.58 and a debt-to-equity ratio of 1.07. SL Green Realty Corp. has a twelve month low of $28.55 and a twelve month high of $79.92. The business has a fifty day simple moving average of $69.78 and a two-hundred day simple moving average of $61.04.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). The company had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same period in the previous year, the firm posted $1.27 earnings per share. Analysts expect that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 3.85%. The ex-dividend date is Thursday, October 31st. SL Green Realty’s payout ratio is -120.00%.

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.