Prudential Financial Inc. Purchases 101,691 Shares of SL Green Realty Corp. (NYSE:SLG)

Prudential Financial Inc. raised its stake in SL Green Realty Corp. (NYSE:SLG - Free Report) by 14.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 807,806 shares of the real estate investment trust's stock after buying an additional 101,691 shares during the quarter. Prudential Financial Inc. owned 1.23% of SL Green Realty worth $54,866,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of SL Green Realty by 12.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust's stock worth $96,990,000 after acquiring an additional 159,870 shares in the last quarter. Wolverine Asset Management LLC bought a new position in shares of SL Green Realty during the 4th quarter valued at $337,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of SL Green Realty by 8.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 76,367 shares of the real estate investment trust's stock valued at $5,187,000 after purchasing an additional 6,158 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in SL Green Realty by 10.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 103,711 shares of the real estate investment trust's stock worth $6,870,000 after purchasing an additional 9,753 shares in the last quarter. Finally, FMR LLC increased its position in SL Green Realty by 69.1% during the third quarter. FMR LLC now owns 58,185 shares of the real estate investment trust's stock worth $4,050,000 after buying an additional 23,780 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

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Insider Activity at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction dated 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 $136,047.60. This represents a 62.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.08% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Compass Point boosted their target price on SL Green Realty from $65.00 to $75.00 and gave the stock a "neutral" rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. raised shares of SL Green Realty from an "underweight" rating to a "neutral" rating and upped their price objective for the stock from $51.00 to $80.00 in a report on Tuesday, December 10th. Mizuho raised their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, January 7th. Barclays cut their target price on shares of SL Green Realty from $78.00 to $76.00 and set an "equal weight" rating for the company in a research report on Tuesday, January 28th. Finally, Scotiabank dropped their price objective on SL Green Realty from $81.00 to $75.00 and set a "sector perform" rating on the stock in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, SL Green Realty has a consensus rating of "Hold" and an average price target of $69.87.

SL Green Realty Price Performance

SL Green Realty stock traded down $0.80 during trading hours on Friday, hitting $57.53. 470,529 shares of the stock were exchanged, compared to its average volume of 853,590. The stock has a market capitalization of $4.10 billion, a P/E ratio of 719.15, a P/E/G ratio of 5.30 and a beta of 1.82. The business's 50-day moving average is $62.75 and its two-hundred day moving average is $68.89. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. SL Green Realty Corp. has a 12 month low of $47.22 and a 12 month high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, topping analysts' consensus estimates 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%. Equities research analysts expect that SL Green Realty Corp. will post 5.43 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.2575 dividend. The ex-dividend date 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 dividend on an annualized basis and a dividend yield of 1.79%. SL Green Realty's dividend payout ratio (DPR) is 3,862.50%.

SL Green Realty 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.