Zimmer Partners LP Acquires Shares of 164,784 SL Green Realty Corp. (NYSE:SLG)

Zimmer Partners LP bought a new stake in SL Green Realty Corp. (NYSE:SLG - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 164,784 shares of the real estate investment trust's stock, valued at approximately $11,192,000. Zimmer Partners LP owned 0.25% of SL Green Realty at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SLG. Norges Bank acquired a new position in SL Green Realty in the fourth quarter valued at about $48,050,000. Northern Trust Corp raised its position in shares of SL Green Realty by 79.9% during the fourth quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust's stock worth $97,101,000 after purchasing an additional 634,788 shares during the period. Vanguard Group Inc. raised its position in shares of 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 purchasing an additional 564,822 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of SL Green Realty during the fourth quarter worth about $29,000,000. Finally, Alyeska Investment Group L.P. raised its position in shares of SL Green Realty by 30.3% during 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 period. Institutional investors and hedge funds own 89.96% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Truist Financial dropped their price target on SL Green Realty from $62.00 to $54.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Evercore ISI raised SL Green Realty from an "in-line" rating to an "outperform" rating and dropped their price target for the stock from $74.00 to $73.00 in a research report on Monday, March 17th. Jefferies Financial Group began coverage on SL Green Realty in a research report on Monday, March 17th. They set a "hold" rating and a $58.00 price target on the stock. Barclays decreased their price objective on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Finally, Wells Fargo & Company decreased their price objective on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $66.33.

SL Green Realty Stock Up 0.6%

SLG stock traded up $0.31 during mid-day trading on Friday, reaching $55.54. The company had a trading volume of 705,881 shares, compared to its average volume of 841,025. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The stock has a 50 day simple moving average of $54.78 and a two-hundred day simple moving average of $63.62. The company has a market capitalization of $3.96 billion, a price-to-earnings ratio of 694.25, a PEG ratio of 5.30 and a beta of 1.59. SL Green Realty Corp. has a 52 week low of $45.15 and a 52 week high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $144.52 million during the quarter, compared to the consensus estimate of $158.44 million. As a group, equities 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 declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a dividend of $0.2575 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.03 annualized dividend and a yield of 1.85%. SL Green Realty's payout ratio is currently -735.71%.

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.