Tandem Capital Management Corp ADV Decreases Holdings in SL Green Realty Corp. (NYSE:SLG)

Tandem Capital Management Corp ADV lowered its stake in shares of SL Green Realty Corp. (NYSE:SLG) by 2.7% in the fourth quarter, Holdings Channel reports. The firm owned 59,895 shares of the real estate investment trust’s stock after selling 1,670 shares during the period. SL Green Realty accounts for about 2.2% of Tandem Capital Management Corp ADV’s investment portfolio, making the stock its 11th largest position. Tandem Capital Management Corp ADV’s holdings in SL Green Realty were worth $4,068,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. FMR LLC lifted its stake in shares of SL Green Realty by 69.1% in the third quarter. FMR LLC now owns 58,185 shares of the real estate investment trust’s stock worth $4,050,000 after buying an additional 23,780 shares in the last quarter. Weiss Asset Management LP acquired a new position in shares of SL Green Realty during the 3rd quarter worth approximately $771,000. Citigroup Inc. grew its position in shares of SL Green Realty by 54.6% in the third quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust’s stock valued at $5,958,000 after purchasing an additional 30,220 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in shares of SL Green Realty in the third quarter valued at approximately $876,000. Finally, Franklin Resources Inc. purchased a new position in SL Green Realty during the third quarter worth approximately $621,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the 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 transaction, the director now directly owns 2,052 shares in the company, valued at $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.08% of the company’s stock.

SL Green Realty Stock Down 2.4 %

SL Green Realty stock opened at $65.80 on Tuesday. The firm has a market capitalization of $4.34 billion, a P/E ratio of 822.55, a P/E/G ratio of 5.54 and a beta of 1.82. The company has a current ratio of 3.21, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. SL Green Realty Corp. has a twelve month low of $41.88 and a twelve month high of $82.81. The stock’s fifty day simple moving average is $69.49 and its 200-day simple moving average is $69.46.

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, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. As a group, equities 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 disclosed a monthly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st will be given a $0.2575 dividend. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date of this dividend is Friday, January 31st. SL Green Realty’s dividend payout ratio is presently 3,862.50%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SLG shares. Compass Point upped their price objective on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Wells Fargo & Company dropped their price target on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research note on Monday. Mizuho lifted their price target on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Scotiabank raised their target price on SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Tuesday, December 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $90.00 price target (up previously from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $71.07.

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.