Easterly Investment Partners LLC Acquires Shares of 54,268 SL Green Realty Corp. (NYSE:SLG)

Easterly Investment Partners LLC bought a new position in shares of SL Green Realty Corp. (NYSE:SLG) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 54,268 shares of the real estate investment trust’s stock, valued at approximately $3,686,000. Easterly Investment Partners LLC owned approximately 0.08% of SL Green Realty at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SLG. Quest Partners LLC boosted its position in shares of SL Green Realty by 350.8% during the 3rd quarter. Quest Partners LLC now owns 2,691 shares of the real estate investment trust’s stock worth $187,000 after purchasing an additional 2,094 shares in the last quarter. Intech Investment Management LLC acquired a new position in SL Green Realty during the third quarter worth about $1,314,000. Charles Schwab Investment Management Inc. increased its holdings in 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 buying an additional 97,653 shares in the last quarter. Citigroup Inc. lifted its position in shares of SL Green Realty by 54.6% during the 3rd quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust’s stock valued at $5,958,000 after acquiring an additional 30,220 shares during the period. Finally, Cerity Partners LLC boosted its stake in shares of SL Green Realty by 105.3% during the 3rd quarter. Cerity Partners LLC now owns 13,276 shares of the real estate investment trust’s stock worth $924,000 after acquiring an additional 6,810 shares in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Stock Down 0.5 %

Shares of NYSE:SLG opened at $58.87 on Thursday. SL Green Realty Corp. has a 1 year low of $47.22 and a 1 year high of $82.81. The stock has a 50-day simple moving average of $63.06 and a 200-day simple moving average of $68.97. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The stock has a market capitalization of $4.20 billion, a P/E ratio of 735.91, a PEG ratio of 5.30 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. Equities analysts forecast that SL Green Realty Corp. will post 5.43 earnings per share for the current year.

SL Green Realty Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.2575 dividend. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.25. This represents a $1.03 annualized dividend and a yield of 1.75%. SL Green Realty’s dividend payout ratio (DPR) is 3,862.50%.

Insiders Place Their Bets

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the sale, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 5.08% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Morgan Stanley upped their price objective on SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 12th. Truist Financial lifted their price objective on SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, January 27th. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $51.00 to $80.00 in a research note on Tuesday, December 10th. Finally, Mizuho boosted their price objective on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and an average price target of $69.87.

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.