Norges Bank Makes New Investment in SL Green Realty Corp. (NYSE:SLG)

Norges Bank purchased a new position in SL Green Realty Corp. (NYSE:SLG - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 707,448 shares of the real estate investment trust's stock, valued at approximately $48,050,000. Norges Bank owned approximately 1.07% of SL Green Realty at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Point72 DIFC Ltd bought a new position in shares of SL Green Realty in the third quarter worth approximately $35,000. Jones Financial Companies Lllp bought a new position in SL Green Realty in the 4th quarter valued at approximately $39,000. Versant Capital Management Inc boosted its stake in SL Green Realty by 17.7% during the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust's stock valued at $71,000 after purchasing an additional 157 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of SL Green Realty by 106.3% in the 4th 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 in the last quarter. Finally, Game Plan Financial Advisors LLC purchased a new position in shares of SL Green Realty in the fourth quarter worth $149,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SLG has been the subject of several research analyst reports. Compass Point lifted their price objective on SL Green Realty from $65.00 to $75.00 and gave the stock a "neutral" rating in a report on Wednesday, December 11th. 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 report on Tuesday, January 7th. Truist Financial raised their target price on shares of SL Green Realty from $61.00 to $62.00 and gave the stock a "hold" rating in a report on Monday, January 27th. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an "underweight" rating to a "neutral" rating and boosted their target price for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Finally, Barclays dropped their price target on SL Green Realty from $78.00 to $76.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 28th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $69.87.

Insiders Place Their Bets

In other news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now directly owns 2,052 shares of the company's stock, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.08% of the company's stock.

SL Green Realty Price Performance

SLG stock traded up $4.20 during trading on Wednesday, reaching $52.10. The company's stock had a trading volume of 2,300,626 shares, compared to its average volume of 867,034. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. The company's fifty day moving average is $60.09 and its 200-day moving average is $67.68. The company has a market capitalization of $3.72 billion, a P/E ratio of 651.25, a price-to-earnings-growth ratio of 5.30 and a beta of 1.61. SL Green Realty Corp. has a 1 year low of $45.22 and a 1 year high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. On average, research analysts expect that SL Green Realty Corp. will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.2575 dividend. This is an increase from SL Green Realty's previous quarterly dividend of $0.25. This represents a $1.03 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Monday, March 31st. SL Green Realty's payout ratio is currently 3,862.50%.

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.