Morse Asset Management Inc Decreases Stake in SL Green Realty Corp. (NYSE:SLG)

Morse Asset Management Inc reduced its position in SL Green Realty Corp. (NYSE:SLG) by 1.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,275 shares of the real estate investment trust’s stock after selling 300 shares during the period. Morse Asset Management Inc’s holdings in SL Green Realty were worth $1,481,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Venturi Wealth Management LLC lifted its position in shares of 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 worth $26,000 after buying an additional 272 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in SL Green Realty during the second quarter valued at approximately $29,000. Point72 DIFC Ltd purchased a new stake in SL Green Realty during the third quarter valued at approximately $35,000. Friedenthal Financial purchased a new stake in SL Green Realty during the third quarter valued at approximately $49,000. Finally, Blue Trust Inc. raised its position in SL Green Realty by 363.2% during the third quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 632 shares during the period. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Stock Performance

Shares of SLG stock opened at $73.58 on Thursday. The business has a fifty day moving average of $75.36 and a 200 day moving average of $66.42. The firm has a market capitalization of $4.85 billion, a price-to-earnings ratio of -29.43, a price-to-earnings-growth ratio of 3.68 and a beta of 1.81. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. SL Green Realty Corp. has a 1 year low of $40.30 and a 1 year high of $82.81.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $1.21 by ($1.42). The company had revenue of $229.69 million for the quarter, compared to analyst estimates 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 prior year, the business posted $1.27 earnings per share. As a group, research analysts expect that SL Green Realty Corp. will post 7.59 earnings per share for the current year.

SL Green Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.2575 per share. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 annualized dividend and a yield of 4.20%. The ex-dividend date of this dividend is Tuesday, December 31st. SL Green Realty’s dividend payout ratio (DPR) is currently -123.60%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SLG shares. BMO Capital Markets restated 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. Jefferies Financial Group increased their price objective on SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $51.00 to $80.00 in a research note on Tuesday. Evercore ISI increased their price objective on SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company upped 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. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and a consensus target price 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.