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

Prudential Financial Inc. raised its stake in SL Green Realty Corp. (NYSE:SLG) by 14.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 807,806 shares of the real estate investment trust’s stock after buying an additional 101,691 shares during the period. Prudential Financial Inc.’s holdings in SL Green Realty were worth $54,866,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SLG. Point72 DIFC Ltd bought a new stake in SL Green Realty in the third quarter valued at approximately $35,000. Jones Financial Companies Lllp acquired a new position in shares of SL Green Realty in the 4th quarter worth approximately $39,000. Versant Capital Management Inc boosted its stake in shares of SL Green Realty by 17.7% in 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 position in shares of SL Green Realty by 106.3% during the fourth quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 857 shares during the period. Finally, Game Plan Financial Advisors LLC bought a new position in SL Green Realty during the fourth quarter worth $149,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $59.49 on Tuesday. SL Green Realty Corp. has a 52 week low of $47.22 and a 52 week high of $82.81. 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 business has a 50 day moving average price of $63.27 and a 200-day moving average price of $69.06. The company has a market cap of $4.24 billion, a PE ratio of 743.59, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, beating 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 analysts anticipate that SL Green Realty Corp. will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.2575 per share. The ex-dividend date is Monday, March 31st. This is a boost from SL Green Realty’s previous quarterly dividend of $0.25. This represents a $1.03 annualized dividend and a yield of 1.73%. SL Green Realty’s payout ratio is 3,862.50%.

Insiders Place Their Bets

In other news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now owns 2,052 shares in the company, valued at $136,047.60. The trade was a 62.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on SLG. Scotiabank decreased their price target on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a report on Friday, February 28th. Barclays decreased their target price on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 28th. Compass Point boosted their price target on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Finally, Truist Financial increased their target price on shares of SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, January 27th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.87.

SL Green Realty Company 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.