GAMMA Investing LLC Acquires 571 Shares of SL Green Realty Corp. (NYSE:SLG)

GAMMA Investing LLC grew its stake in shares of SL Green Realty Corp. (NYSE:SLG) by 16.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 3,989 shares of the real estate investment trust’s stock after purchasing an additional 571 shares during the quarter. GAMMA Investing LLC’s holdings in SL Green Realty were worth $278,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SLG. Cetera Investment Advisers increased its holdings in SL Green Realty by 204.4% in the 2nd quarter. Cetera Investment Advisers now owns 16,959 shares of the real estate investment trust’s stock valued at $961,000 after acquiring an additional 11,387 shares during the last quarter. Waterfall Asset Management LLC bought a new stake in shares of SL Green Realty in the second quarter worth about $3,172,000. Lighthouse Investment Partners LLC lifted its position in shares of SL Green Realty by 150.0% in the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock worth $8,496,000 after buying an additional 90,000 shares in the last quarter. Mackenzie Financial Corp boosted its stake in SL Green Realty by 11.6% during the second quarter. Mackenzie Financial Corp now owns 5,088 shares of the real estate investment trust’s stock valued at $288,000 after buying an additional 530 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in SL Green Realty by 3.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,780 shares of the real estate investment trust’s stock valued at $2,310,000 after buying an additional 1,459 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Trading Up 0.3 %

SLG opened at $67.39 on Friday. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of -8.16, a PEG ratio of 1.88 and a beta of 1.83. SL Green Realty Corp. has a 12 month low of $28.55 and a 12 month high of $73.80. The stock has a fifty day moving average price of $66.24 and a 200-day moving average price of $58.74.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The business had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. During the same period in the previous year, the company posted $1.43 earnings per share. The firm’s revenue was down 9.4% on a year-over-year basis. As a group, equities research analysts anticipate that SL Green Realty Corp. will post 7.58 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 4.45%. The ex-dividend date is Monday, September 30th. SL Green Realty’s dividend payout ratio is currently -36.32%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. StockNews.com raised SL Green Realty to a “sell” rating in a report on Friday, July 19th. Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and increased their price objective for the company from $44.00 to $66.00 in a research report on Friday, September 13th. Piper Sandler boosted their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Wells Fargo & Company increased 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. Finally, Truist Financial increased their price target on SL Green Realty from $47.00 to $55.00 and gave the company a “hold” rating in a report on Friday, July 19th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $60.43.

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.