SL Green Realty Corp. (NYSE:SLG) Shares Sold by Freedom Investment Management Inc.

Freedom Investment Management Inc. cut its position in SL Green Realty Corp. (NYSE:SLG) by 11.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,317 shares of the real estate investment trust’s stock after selling 1,650 shares during the quarter. Freedom Investment Management Inc.’s holdings in SL Green Realty were worth $857,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale boosted its holdings in shares of SL Green Realty by 18.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 67,923 shares of the real estate investment trust’s stock valued at $3,665,000 after acquiring an additional 10,704 shares during the period. Edgestream Partners L.P. boosted its stake in SL Green Realty by 40.1% during the 2nd quarter. Edgestream Partners L.P. now owns 122,880 shares of the real estate investment trust’s stock worth $6,960,000 after purchasing an additional 35,178 shares during the period. Swedbank AB acquired a new stake in SL Green Realty during the 1st quarter worth $4,675,000. Waterfall Asset Management LLC purchased a new position in SL Green Realty during the 2nd quarter worth $3,172,000. Finally, Daiwa Securities Group Inc. increased its stake in SL Green Realty by 13.2% in the second quarter. Daiwa Securities Group Inc. now owns 127,899 shares of the real estate investment trust’s stock valued at $7,244,000 after purchasing an additional 14,871 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Price Performance

SLG stock opened at $78.85 on Friday. The firm has a 50 day moving average of $74.51 and a 200-day moving average of $64.93. 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 Corp. has a 12-month low of $33.64 and a 12-month high of $82.81.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). The firm had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same period in the prior year, the firm posted $1.27 earnings per share. As a group, research analysts expect that SL Green Realty Corp. will post 7.61 EPS for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.25 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.00 dividend on an annualized basis and a yield of 3.80%. SL Green Realty’s payout ratio is -120.00%.

Analyst Ratings Changes

SLG has been the subject of several recent research reports. Bank of America increased their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Morgan Stanley increased their price objective on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 9th. BMO Capital Markets restated an “outperform” rating and set a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Barclays lifted their price objective on shares of SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Finally, Piper Sandler restated an “overweight” rating and set a $90.00 price objective (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target 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.