Wells Fargo & Company MN Increases Stock Holdings in SL Green Realty Corp. (NYSE:SLG)

Wells Fargo & Company MN boosted its position in shares of SL Green Realty Corp. (NYSE:SLG - Free Report) by 5.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 156,047 shares of the real estate investment trust's stock after acquiring an additional 8,664 shares during the quarter. Wells Fargo & Company MN owned about 0.24% of SL Green Realty worth $10,599,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SLG. Norges Bank acquired a new stake in SL Green Realty during the 4th quarter worth about $48,050,000. Vanguard Group Inc. boosted its position in 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 worth $735,594,000 after purchasing an additional 564,822 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of SL Green Realty by 12.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust's stock worth $96,990,000 after purchasing an additional 159,870 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of SL Green Realty during the 4th quarter valued at approximately $7,705,000. Finally, 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. Hedge funds and other institutional investors own 89.96% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SLG shares. Piper Sandler decreased their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a research report on Monday. Mizuho upped their price target on SL Green Realty from $45.00 to $67.00 and gave the stock a "neutral" rating in a report on Tuesday, January 7th. Wells Fargo & Company cut their price objective on SL Green Realty from $76.00 to $69.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Jefferies Financial Group started coverage on SL Green Realty in a research report on Monday, March 17th. They set a "hold" rating and a $58.00 target price on the stock. Finally, Evercore ISI raised shares of SL Green Realty from an "in-line" rating to an "outperform" rating and cut their price target for the stock from $74.00 to $73.00 in a report on Monday, March 17th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $68.67.

Insider Activity

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the company's stock in a transaction dated Friday, January 24th. The shares were 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 of the company's stock, valued at $136,047.60. This 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. Corporate insiders own 5.08% of the company's stock.

SL Green Realty Trading Up 5.5 %

SL Green Realty stock traded up $2.77 during trading on Tuesday, reaching $53.00. 1,680,980 shares of the company were exchanged, compared to its average volume of 854,501. 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's 50 day simple moving average is $57.58 and its two-hundred day simple moving average is $66.55. The company has a market capitalization of $3.78 billion, a P/E ratio of 662.53, a PEG ratio of 5.30 and a beta of 1.61. 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 announced its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.13. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. The firm had revenue of $144.52 million for the quarter, compared to analysts' expectations of $158.44 million. On average, equities research analysts expect that SL Green Realty Corp. will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be issued a dividend of $0.2575 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.94%. SL Green Realty's dividend payout ratio is currently -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.