Prudential Financial Inc. Has $54.87 Million Stake in SL Green Realty Corp. (NYSE:SLG)

Prudential Financial Inc. raised its position in SL Green Realty Corp. (NYSE:SLG) by 14.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 807,806 shares of the real estate investment trust’s stock after acquiring an additional 101,691 shares during the quarter. Prudential Financial Inc. owned approximately 1.23% of SL Green Realty worth $54,866,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc grew its holdings in SL Green Realty by 17.7% during the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 157 shares during the period. MML Investors Services LLC boosted its stake in shares of SL Green Realty by 2.7% during the 3rd quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 161 shares during the period. GAMMA Investing LLC boosted its stake in shares of SL Green Realty by 5.1% during the 4th quarter. GAMMA Investing LLC now owns 4,192 shares of the real estate investment trust’s stock worth $285,000 after acquiring an additional 203 shares during the period. Natixis Advisors LLC increased its holdings in shares of SL Green Realty by 1.3% during the 4th quarter. Natixis Advisors LLC now owns 21,820 shares of the real estate investment trust’s stock worth $1,482,000 after acquiring an additional 284 shares during the last quarter. Finally, Ieq Capital LLC raised its stake in SL Green Realty by 9.3% in the 4th quarter. Ieq Capital LLC now owns 4,542 shares of the real estate investment trust’s stock valued at $308,000 after acquiring an additional 387 shares during the period. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Trading Up 3.7 %

SLG opened at $59.49 on Tuesday. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. SL Green Realty Corp. has a twelve month low of $47.22 and a twelve month high of $82.81. The stock has a market capitalization of $4.24 billion, a price-to-earnings ratio of 743.59, a P/E/G ratio of 5.30 and a beta of 1.82. The company has a 50-day simple moving average of $63.27 and a 200 day simple moving average of $69.06.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Analysts predict that SL Green Realty Corp. will post 5.43 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.2575 per share. This is an increase from SL Green Realty’s previous quarterly dividend of $0.25. This represents a $1.03 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, March 31st. SL Green Realty’s dividend payout ratio is currently 3,862.50%.

Insider Activity at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.08% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Morgan Stanley upped 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. Truist Financial increased their price target on shares of SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a report on Monday, January 27th. Jefferies Financial Group started coverage on SL Green Realty in a report on Monday, March 17th. They set a “hold” rating and a $58.00 price objective for the company. Mizuho increased their target price on SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Finally, Bank of America reduced their price target on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, SL Green Realty has a consensus rating of “Hold” and an average target price of $69.87.

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.