Tidal Investments LLC Takes $791,000 Position in SL Green Realty Corp. (NYSE:SLG)

Tidal Investments LLC bought a new stake in SL Green Realty Corp. (NYSE:SLG) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 11,359 shares of the real estate investment trust’s stock, valued at approximately $791,000.

Other institutional investors also recently bought and sold shares of the company. Venturi Wealth Management LLC lifted its position in SL Green Realty by 272.0% in the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 272 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in SL Green Realty during the 2nd quarter valued at $29,000. Point72 DIFC Ltd bought a new stake in SL Green Realty during the 3rd quarter valued at $35,000. Friedenthal Financial bought a new stake in SL Green Realty in the 3rd quarter worth $49,000. Finally, Rothschild Investment LLC bought a new stake in SL Green Realty in the 2nd quarter worth $55,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SLG has been the subject of a number of analyst reports. 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 report on Tuesday, December 10th. Barclays increased their price objective on SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Compass Point boosted their target price on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $51.00 to $80.00 in a research note on Tuesday, December 10th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $87.00 price objective (up from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Two research 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $68.67.

SL Green Realty Stock Performance

Shares of SLG opened at $68.01 on Friday. SL Green Realty Corp. has a 52 week low of $41.81 and a 52 week high of $82.81. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. The stock has a market cap of $4.48 billion, a P/E ratio of -27.20, a P/E/G ratio of 4.26 and a beta of 1.81. The business’s 50 day moving average price is $75.95 and its 200-day moving average price is $67.31.

SL Green Realty (NYSE:SLG) last released its 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 last year, the firm posted $1.27 earnings per share. Equities research analysts anticipate that SL Green Realty Corp. will post 7.82 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.2575 dividend. This represents a $3.09 annualized dividend and a dividend yield of 4.54%. The ex-dividend date is Tuesday, December 31st. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. SL Green Realty’s dividend payout ratio is currently -123.60%.

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.