Franklin Resources Inc. Buys Shares of 8,877 SL Green Realty Corp. (NYSE:SLG)

Franklin Resources Inc. purchased a new stake in SL Green Realty Corp. (NYSE:SLG - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 8,877 shares of the real estate investment trust's stock, valued at approximately $621,000.

Several other large investors have also made changes to their positions in the company. Tidal Investments LLC acquired a new position in SL Green Realty during the third quarter valued at approximately $791,000. Barclays PLC grew its stake in SL Green Realty by 304.8% in the 3rd quarter. Barclays PLC now owns 110,866 shares of the real estate investment trust's stock valued at $7,718,000 after buying an additional 83,478 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in SL Green Realty by 0.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 92,502 shares of the real estate investment trust's stock worth $6,439,000 after acquiring an additional 748 shares during the period. MML Investors Services LLC grew its holdings in shares of SL Green Realty by 2.7% during the 3rd quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust's stock worth $427,000 after purchasing an additional 161 shares in the last quarter. Finally, Orion Portfolio Solutions LLC increased its position in shares of SL Green Realty by 13.1% during the third quarter. Orion Portfolio Solutions LLC now owns 5,600 shares of the real estate investment trust's stock valued at $390,000 after purchasing an additional 649 shares during the period. Institutional investors own 89.96% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on SLG. Wells Fargo & Company boosted 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 report on Wednesday, September 11th. JPMorgan Chase & Co. raised shares of SL Green Realty from an "underweight" rating to a "neutral" rating and upped their target price for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Evercore ISI raised their price target on shares of 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. Citigroup upgraded SL Green Realty from a "sell" rating to a "neutral" rating and upped their price objective for the company from $44.00 to $66.00 in a research note on Friday, September 13th. Finally, Piper Sandler reissued an "overweight" rating and issued a $90.00 target price (up from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, SL Green Realty has an average rating of "Hold" and an average target price of $68.67.

SL Green Realty Price Performance

Shares of NYSE:SLG traded up $1.65 during midday trading on Tuesday, reaching $67.92. The company's stock had a trading volume of 744,231 shares, compared to its average volume of 985,227. The business's fifty day simple moving average is $74.96 and its 200-day simple moving average is $68.13. 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 fifty-two week low of $41.81 and a fifty-two week high of $82.81. The company has a market capitalization of $4.48 billion, a P/E ratio of -27.17, a P/E/G ratio of 4.26 and a beta of 1.81.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data 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). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The company had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. During the same quarter in the previous year, the business posted $1.27 EPS. As a group, equities research analysts expect that SL Green Realty Corp. will post 7.82 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.2575 per share. This is an increase from SL Green Realty's previous monthly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. This represents a $3.09 annualized dividend and a yield of 4.55%. SL Green Realty's dividend payout ratio is currently -123.60%.

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.