Maryland State Retirement & Pension System Acquires 1,916 Shares of SL Green Realty Corp. (NYSE:SLG)

Maryland State Retirement & Pension System boosted its holdings in shares of SL Green Realty Corp. (NYSE:SLG) by 8.8% in the 4th quarter, Holdings Channel reports. The firm owned 23,803 shares of the real estate investment trust’s stock after buying an additional 1,916 shares during the period. Maryland State Retirement & Pension System’s holdings in SL Green Realty were worth $1,617,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SLG. Victory Capital Management Inc. lifted its stake in shares of SL Green Realty by 6.1% in the 3rd quarter. Victory Capital Management Inc. now owns 23,900 shares of the real estate investment trust’s stock valued at $1,664,000 after acquiring an additional 1,380 shares during the last quarter. Quest Partners LLC lifted its stake in shares of SL Green Realty by 350.8% in the 3rd quarter. Quest Partners LLC now owns 2,691 shares of the real estate investment trust’s stock valued at $187,000 after acquiring an additional 2,094 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of SL Green Realty in the 3rd quarter valued at $1,314,000. Charles Schwab Investment Management Inc. lifted its stake in shares of SL Green Realty by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock valued at $88,275,000 after acquiring an additional 97,653 shares during the last quarter. Finally, Citigroup Inc. lifted its stake in shares of SL Green Realty by 54.6% in the 3rd quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust’s stock valued at $5,958,000 after acquiring an additional 30,220 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors.

Insider Activity at SL Green Realty

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm’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 approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.08% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on SLG. Wells Fargo & Company dropped their price target on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Scotiabank decreased their price objective 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. Bank of America decreased their price objective on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Jefferies Financial Group started coverage on SL Green Realty in a report on Monday, March 17th. They issued a “hold” rating and a $58.00 price objective for the company. Finally, JPMorgan Chase & Co. upgraded SL Green Realty from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $51.00 to $80.00 in a report on Tuesday, December 10th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $69.87.

SL Green Realty Price Performance

SLG stock opened at $57.40 on Friday. The stock has a market capitalization of $4.09 billion, a PE ratio of 717.55, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82. The company’s 50-day moving average is $63.33 and its 200-day moving average is $69.03. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. SL Green Realty Corp. has a 1 year low of $47.22 and a 1 year high of $82.81.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. Equities research analysts expect that SL Green Realty Corp. will post 5.43 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.2575 dividend. This is a boost from SL Green Realty’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. This represents a $1.03 annualized dividend and a yield of 1.79%. SL Green Realty’s dividend payout ratio (DPR) is presently 3,862.50%.

About SL Green Realty

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.