Weiss Asset Management LP Purchases New Position in SL Green Realty Corp. (NYSE:SLG)

Weiss Asset Management LP acquired a new stake in shares of SL Green Realty Corp. (NYSE:SLG - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 11,072 shares of the real estate investment trust's stock, valued at approximately $771,000.

Several other hedge funds have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its position in shares of 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 worth $88,275,000 after buying an additional 97,653 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in SL Green Realty by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust's stock worth $56,350,000 after purchasing an additional 88,309 shares in the last quarter. Bank of New York Mellon Corp grew its stake in SL Green Realty by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust's stock worth $45,906,000 after purchasing an additional 14,167 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in SL Green Realty by 396.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust's stock worth $31,058,000 after purchasing an additional 356,275 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in shares of SL Green Realty by 8.2% in the 2nd quarter. Federated Hermes Inc. now owns 433,896 shares of the real estate investment trust's stock worth $24,576,000 after acquiring an additional 32,985 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

SL Green Realty Price Performance

SLG stock traded up $1.28 during trading on Monday, hitting $76.44. 1,315,775 shares of the stock traded hands, compared to its average volume of 981,946. SL Green Realty Corp. has a one year low of $40.30 and a one year high of $82.81. The company has a 50 day simple moving average of $75.18 and a 200 day simple moving average of $66.21. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of -30.58, a P/E/G ratio of 3.68 and a beta of 1.81. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS 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 firm had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. During the same period in the previous year, the company posted $1.27 EPS. Equities analysts expect that SL Green Realty Corp. will post 7.59 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.2575 per share. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date is Tuesday, December 31st. This is a boost from SL Green Realty's previous monthly dividend of $0.25. SL Green Realty's dividend payout ratio (DPR) is currently -120.00%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SLG shares. Piper Sandler restated an "overweight" rating and set a $90.00 target price (up from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Barclays increased their target price on SL Green Realty from $66.00 to $78.00 and gave the company an "equal weight" rating in a report on Tuesday, October 22nd. Compass Point set a $65.00 price target on SL Green Realty and gave the company a "neutral" rating in a report on Friday, October 18th. Wells Fargo & Company increased their price target on SL Green Realty from $43.00 to $63.00 and gave the company an "equal weight" rating in a report on Wednesday, September 11th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $87.00 price objective (up from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, SL Green Realty has a consensus rating of "Hold" and a consensus target price of $66.00.

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.