Geode Capital Management LLC Has $114.26 Million Stock Position in SL Green Realty Corp. (NYSE:SLG)

Geode Capital Management LLC lowered its position in shares of SL Green Realty Corp. (NYSE:SLG) by 0.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,641,115 shares of the real estate investment trust’s stock after selling 1,170 shares during the quarter. Geode Capital Management LLC’s holdings in SL Green Realty were worth $114,259,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Edgestream Partners L.P. raised its stake in SL Green Realty by 40.1% during the 2nd quarter. Edgestream Partners L.P. now owns 122,880 shares of the real estate investment trust’s stock valued at $6,960,000 after purchasing an additional 35,178 shares during the period. Waterfall Asset Management LLC acquired a new position in SL Green Realty during the second quarter valued at $3,172,000. Daiwa Securities Group Inc. lifted its stake in SL Green Realty by 13.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 127,899 shares of the real estate investment trust’s stock worth $7,244,000 after acquiring an additional 14,871 shares in the last quarter. FMR LLC boosted its position in SL Green Realty by 69.1% during the 3rd quarter. FMR LLC now owns 58,185 shares of the real estate investment trust’s stock worth $4,050,000 after acquiring an additional 23,780 shares during the period. Finally, Citigroup Inc. grew its stake in SL Green Realty by 54.6% during the 3rd quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust’s stock valued at $5,958,000 after acquiring an additional 30,220 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Stock Down 1.6 %

Shares of SLG stock opened at $74.10 on Wednesday. The stock’s 50 day simple moving average is $75.92 and its 200 day simple moving average is $67.19. SL Green Realty Corp. has a twelve month low of $41.81 and a twelve month high of $82.81. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market capitalization of $4.89 billion, a price-to-earnings ratio of -29.64, a PEG ratio of 4.26 and a beta of 1.81.

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 analysts’ consensus estimates of $1.21 by ($1.42). The firm had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same period in the prior year, the business earned $1.27 EPS. As a group, research analysts predict that SL Green Realty Corp. will post 7.82 EPS for the current year.

SL Green Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.2575 per share. This represents a $3.09 dividend on an annualized basis and a yield of 4.17%. This is a boost from SL Green Realty’s previous monthly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. SL Green Realty’s dividend payout ratio is -123.60%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SLG. Morgan Stanley increased their price target on shares of SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 9th. Scotiabank increased their target price on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Tuesday, December 10th. Wells Fargo & Company boosted their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a report on Wednesday, September 11th. Barclays lifted their price objective on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $90.00 target price (up from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $68.67.

SL Green Realty Company 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.