Friedenthal Financial Takes Position in SL Green Realty Corp. (NYSE:SLG)

by · The Markets Daily

Friedenthal Financial purchased a new position in SL Green Realty Corp. (NYSE:SLG – Free Report) during the third quarter, Holdings Channel reports. The fund purchased 706 shares of the real estate investment trust’s stock, valued at approximately $49,000.

Several other institutional investors also recently added to or reduced their stakes in SLG. Xponance Inc. boosted its holdings in SL Green Realty by 6.6% in the 2nd quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock valued at $240,000 after purchasing an additional 262 shares during the period. Vert Asset Management LLC boosted its position in shares of SL Green Realty by 1.5% during the 3rd quarter. Vert Asset Management LLC now owns 26,909 shares of the real estate investment trust’s stock valued at $1,873,000 after acquiring an additional 394 shares during the last quarter. Louisiana State Employees Retirement System grew its position in SL Green Realty by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the real estate investment trust’s stock worth $1,846,000 after acquiring an additional 500 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in SL Green Realty during the second quarter worth about $29,000. Finally, Mackenzie Financial Corp increased its position in shares of SL Green Realty by 11.6% during the 2nd quarter. Mackenzie Financial Corp now owns 5,088 shares of the real estate investment trust’s stock valued at $288,000 after purchasing an additional 530 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on SLG. Scotiabank increased their target price on SL Green Realty from $53.00 to $68.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Morgan Stanley increased their price objective on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and boosted their target price for the company from $44.00 to $66.00 in a research note on Friday, September 13th. The Goldman Sachs Group raised their price target on SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, SL Green Realty currently has an average rating of “Hold” and an average price target of $60.79.

View Our Latest Stock Analysis on SL Green Realty

SL Green Realty Trading Up 4.8 %

SL Green Realty stock opened at $78.77 on Friday. The company has a market capitalization of $5.19 billion, a price-to-earnings ratio of -9.54, a price-to-earnings-growth ratio of 1.94 and a beta of 1.83. The business’s fifty day simple moving average is $67.57 and its two-hundred day simple moving average is $59.66. SL Green Realty Corp. has a 12 month low of $28.55 and a 12 month high of $79.08. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG – Get Free Report) last posted 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 for the quarter, compared to analysts’ expectations of $136.66 million. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. During the same quarter in the previous year, the company earned $1.27 EPS. As a group, equities analysts predict that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 3.81%. The ex-dividend date was Monday, September 30th. SL Green Realty’s dividend payout ratio is currently -36.32%.

About SL Green Realty

(Free Report)

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.

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