Freedom Investment Management Inc. Trims Holdings in SL Green Realty Corp. (NYSE:SLG)

Freedom Investment Management Inc. lowered its stake in shares of SL Green Realty Corp. (NYSE:SLG) by 11.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,317 shares of the real estate investment trust’s stock after selling 1,650 shares during the period. Freedom Investment Management Inc.’s holdings in SL Green Realty were worth $857,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SLG. Charles Schwab Investment Management Inc. grew its holdings in shares of SL Green Realty by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock valued at $88,275,000 after purchasing an additional 97,653 shares during the period. Lighthouse Investment Partners LLC boosted its holdings in SL Green Realty by 150.0% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after purchasing an additional 90,000 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of SL Green Realty by 9.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock valued at $56,350,000 after buying an additional 88,309 shares during the period. Swedbank AB acquired a new stake in shares of SL Green Realty during the 1st quarter worth approximately $4,675,000. Finally, Waterfall Asset Management LLC purchased a new stake in shares of SL Green Realty during the 2nd quarter valued at approximately $3,172,000. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Price Performance

SL Green Realty stock opened at $78.85 on Friday. The company has a fifty day simple moving average of $74.51 and a 200-day simple moving average of $64.93. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. SL Green Realty Corp. has a 12-month low of $33.64 and a 12-month 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 (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The business had revenue of $229.69 million for the quarter, compared to analysts’ expectations of $136.66 million. During the same period last year, the firm earned $1.27 earnings per share. Research analysts expect that SL Green Realty Corp. will post 7.61 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date is Friday, November 29th. SL Green Realty’s dividend payout ratio (DPR) is -120.00%.

Analyst Ratings Changes

Several brokerages recently weighed in on SLG. 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 research report on Tuesday, October 22nd. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $44.00 to $66.00 in a research report on Friday, September 13th. Morgan Stanley upped their target price on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Wells Fargo & Company lifted 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 research report on Wednesday, September 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $66.00.

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.