Ameriprise Financial Inc. Grows Position in SL Green Realty Corp. (NYSE:SLG)

Ameriprise Financial Inc. grew its stake in SL Green Realty Corp. (NYSE:SLG - Free Report) by 49.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 300,721 shares of the real estate investment trust's stock after purchasing an additional 99,167 shares during the period. Ameriprise Financial Inc. owned approximately 0.46% of SL Green Realty worth $20,437,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SLG. Algert Global LLC bought a new position in SL Green Realty in the 4th quarter worth about $399,000. Alyeska Investment Group L.P. grew its holdings in SL Green Realty by 30.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,493,208 shares of the real estate investment trust's stock worth $101,419,000 after purchasing an additional 347,608 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in SL Green Realty by 108.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 6,677 shares of the real estate investment trust's stock worth $454,000 after acquiring an additional 3,467 shares in the last quarter. Comerica Bank lifted its position in SL Green Realty by 4.5% during the 4th quarter. Comerica Bank now owns 28,348 shares of the real estate investment trust's stock worth $1,925,000 after acquiring an additional 1,210 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new position in SL Green Realty in the 4th quarter worth approximately $2,296,000. Hedge funds and other institutional investors own 89.96% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on SLG. Barclays dropped their target price on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Evercore ISI raised shares of SL Green Realty from an "in-line" rating to an "outperform" rating and lowered their price target for the stock from $74.00 to $73.00 in a report on Monday, March 17th. Wells Fargo & Company cut their price objective on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a report on Monday. Truist Financial decreased their price objective on shares of SL Green Realty from $62.00 to $54.00 and set a "hold" rating for the company in a research report on Wednesday, April 23rd. Finally, Bank of America dropped their target price on SL Green Realty from $80.00 to $73.00 and set a "neutral" rating on the stock in a research report on Monday, January 27th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $66.33.

SL Green Realty Price Performance

Shares of SL Green Realty stock traded down $1.24 on Wednesday, hitting $57.04. 56,598 shares of the company were exchanged, compared to its average volume of 836,031. SL Green Realty Corp. has a 1-year low of $45.15 and a 1-year 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 stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of 714.63, a price-to-earnings-growth ratio of 5.30 and a beta of 1.59. The company has a 50-day moving average price of $54.91 and a 200 day moving average price of $64.09.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.13. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. The company had revenue of $144.52 million during the quarter, compared to analysts' expectations of $158.44 million. As a group, sell-side analysts predict that SL Green Realty Corp. will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.2575 per share. This represents a $1.03 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Friday, May 30th. SL Green Realty's dividend payout ratio (DPR) is presently -735.71%.

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.