Zimmer Partners LP Takes Position in SL Green Realty Corp. (NYSE:SLG)

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

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of SL Green Realty by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust's stock valued at $735,594,000 after purchasing an additional 564,822 shares during the period. Geode Capital Management LLC lifted its stake in shares of SL Green Realty by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust's stock valued at $119,001,000 after purchasing an additional 110,594 shares during the period. Nuveen Asset Management LLC lifted its stake in shares of SL Green Realty by 3.0% in the 4th quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust's stock valued at $111,179,000 after purchasing an additional 46,988 shares during the period. Alyeska Investment Group L.P. lifted its stake in shares of SL Green Realty by 30.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,493,208 shares of the real estate investment trust's stock valued at $101,419,000 after purchasing an additional 347,608 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of SL Green Realty by 79.9% in the 4th quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust's stock valued at $97,101,000 after purchasing an additional 634,788 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Stock Performance

NYSE:SLG opened at $58.36 on Tuesday. The company's 50-day moving average price is $54.85 and its 200-day moving average price is $64.13. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. The company has a market cap of $4.16 billion, a P/E ratio of 729.50, a P/E/G ratio of 5.30 and a beta of 1.59. SL Green Realty Corp. has a twelve month low of $45.15 and a twelve month 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, topping the consensus estimate of $1.27 by $0.13. The firm had revenue of $144.52 million for the quarter, compared to the consensus estimate of $158.44 million. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. On average, sell-side analysts forecast that SL Green Realty Corp. will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a $0.2575 dividend. This represents a $1.03 annualized dividend and a dividend yield of 1.76%. SL Green Realty's dividend payout ratio is currently -735.71%.

Analyst Ratings Changes

Several equities analysts recently issued reports on SLG shares. Jefferies Financial Group started coverage on shares of SL Green Realty in a research note on Monday, March 17th. They issued a "hold" rating and a $58.00 target price for the company. Barclays reduced their price objective on shares of SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. Scotiabank decreased their price objective on shares of 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. Morgan Stanley increased their price objective on shares of SL Green Realty from $52.00 to $55.00 and gave the company an "equal weight" rating in a report on Wednesday, March 12th. Finally, Piper Sandler decreased their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. 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's stock. According to data from MarketBeat, SL Green Realty presently has a consensus rating of "Hold" and an average price target of $66.33.

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.

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