Norges Bank Takes $48.05 Million Position in SL Green Realty Corp. (NYSE:SLG)

Norges Bank bought a new position in shares of SL Green Realty Corp. (NYSE:SLG) during the 4th quarter, Holdings Channel reports. The institutional investor bought 707,448 shares of the real estate investment trust’s stock, valued at approximately $48,050,000.

Several other large investors have also recently bought and sold shares of SLG. Wellington Management Group LLP raised its stake in shares of SL Green Realty by 50.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock worth $202,777,000 after purchasing an additional 977,321 shares in the last quarter. Vanguard Group Inc. raised its position in SL Green Realty by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock worth $735,594,000 after acquiring an additional 564,822 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in SL Green Realty in the third quarter valued at $18,811,000. Charles Schwab Investment Management Inc. lifted its stake in SL Green Realty by 12.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust’s stock valued at $96,990,000 after acquiring an additional 159,870 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in shares of SL Green Realty during the 4th quarter worth about $7,705,000. 89.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SLG shares. Jefferies Financial Group assumed coverage on SL Green Realty in a report on Monday, March 17th. They set a “hold” rating and a $58.00 price target for the company. Compass Point lifted their target price on SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Scotiabank decreased their target price on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a report on Friday, February 28th. Truist Financial raised their price target on SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a report on Monday, January 27th. Finally, JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and upped their price target for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $69.87.

SL Green Realty Stock Performance

NYSE:SLG opened at $50.59 on Friday. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 632.38, a PEG ratio of 5.30 and a beta of 1.82. SL Green Realty Corp. has a fifty-two week low of $47.22 and a fifty-two week high of $82.81. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The stock has a fifty day moving average price of $61.66 and a 200-day moving average price of $68.43.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. As a group, equities analysts anticipate that SL Green Realty Corp. will post 5.43 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.2575 dividend. This represents a $1.03 dividend on an annualized basis and a yield of 2.04%. This is a boost from SL Green Realty’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 31st. SL Green Realty’s dividend payout ratio (DPR) is 3,862.50%.

Insider Buying and Selling at SL Green Realty

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s 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 $136,047.60. This trade represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 5.08% of the company’s stock.

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.