Wealthfront Advisers LLC Invests $1.19 Million in SL Green Realty Corp. (NYSE:SLG)

Wealthfront Advisers LLC purchased a new position in shares of SL Green Realty Corp. (NYSE:SLG - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 17,511 shares of the real estate investment trust's stock, valued at approximately $1,189,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SLG. Venturi Wealth Management LLC boosted its holdings in SL Green Realty by 272.0% during the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 272 shares during the last quarter. Point72 DIFC Ltd purchased a new position in SL Green Realty during the third quarter worth about $35,000. Jones Financial Companies Lllp purchased a new position in SL Green Realty during the fourth quarter worth about $39,000. Versant Capital Management Inc boosted its holdings in SL Green Realty by 17.7% during the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust's stock worth $71,000 after purchasing an additional 157 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in SL Green Realty by 106.3% during the fourth quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust's stock worth $116,000 after purchasing an additional 857 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SLG has been the topic of several research reports. Truist Financial lifted their price objective on shares of 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 lifted their price objective for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th. Evercore ISI raised shares of SL Green Realty from an "in-line" rating to an "outperform" rating and lowered their price objective for the stock from $74.00 to $73.00 in a research report on Monday. Morgan Stanley lifted their price objective on shares of SL Green Realty from $52.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 12th. Finally, Bank of America lowered their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a "neutral" rating on the stock in a research report on Monday, January 27th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $69.87.

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Insider Buying and Selling

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

SL Green Realty Price Performance

SL Green Realty stock traded up $0.85 during midday trading on Wednesday, reaching $58.68. 601,508 shares of the stock were exchanged, compared to its average volume of 842,792. The company's fifty day moving average is $63.66 and its 200-day moving average is $69.24. 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 firm has a market cap of $4.18 billion, a PE ratio of 733.50, a PEG ratio of 5.30 and a beta of 1.82. SL Green Realty Corp. has a 52 week low of $47.22 and a 52 week high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping analysts' consensus estimates 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%. On average, sell-side analysts forecast that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were issued a dividend of $0.2575 per share. This represents a $3.09 dividend on an annualized basis and a yield of 5.27%. The ex-dividend date was Friday, February 28th. SL Green Realty's dividend payout ratio (DPR) is presently 3,862.50%.

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.