Prospect Financial Services LLC Acquires New Shares in SL Green Realty Corp. (NYSE:SLG)

Prospect Financial Services LLC acquired a new position in SL Green Realty Corp. (NYSE:SLG) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 273,922 shares of the real estate investment trust’s stock, valued at approximately $12,373,000. SL Green Realty makes up approximately 12.5% of Prospect Financial Services LLC’s holdings, making the stock its biggest position. Prospect Financial Services LLC owned about 0.43% of SL Green Realty at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Private Trust Co. NA purchased a new position in SL Green Realty in the fourth quarter worth about $33,000. Financial Gravity Asset Management Inc. grew its position in SL Green Realty by 3,073.3% during the third quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 922 shares during the period. Rosenberg Matthew Hamilton increased its holdings in SL Green Realty by 9.6% during the fourth quarter. Rosenberg Matthew Hamilton now owns 2,588 shares of the real estate investment trust’s stock valued at $117,000 after buying an additional 227 shares during the last quarter. GAMMA Investing LLC bought a new position in SL Green Realty in the fourth quarter worth approximately $140,000. Finally, Caprock Group LLC purchased a new position in shares of SL Green Realty during the 4th quarter worth $203,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

Analysts Set New Price Targets

SLG has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their target price on SL Green Realty from $43.00 to $44.00 and gave the stock an “underweight” rating in a report on Thursday, April 25th. StockNews.com raised SL Green Realty to a “sell” rating in a research report on Wednesday, May 8th. Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $35.00 to $48.00 in a report on Wednesday, March 27th. Citigroup raised their target price on shares of SL Green Realty from $31.00 to $37.00 and gave the stock a “sell” rating in a research note on Thursday. Finally, Scotiabank upped their price target on shares of SL Green Realty from $40.00 to $43.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, April 2nd. Seven research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, SL Green Realty has a consensus rating of “Hold” and a consensus price target of $46.29.

SL Green Realty Price Performance

SLG traded up $0.15 during trading hours on Friday, hitting $56.93. The company’s stock had a trading volume of 746,991 shares, compared to its average volume of 1,165,688. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of -6.89, a P/E/G ratio of 1.03 and a beta of 1.77. The business’s 50-day moving average price is $52.10 and its 200-day moving average price is $48.55. The company has a current ratio of 2.96, a quick ratio of 2.96 and a debt-to-equity ratio of 1.01. SL Green Realty Corp. has a 12 month low of $23.22 and a 12 month high of $58.54.

SL Green Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 5.27%. The ex-dividend date of this dividend is Thursday, May 30th. SL Green Realty’s dividend payout ratio is -36.32%.

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.