Harvest Fund Management Co. Ltd Cuts Position in SL Green Realty Corp. (NYSE:SLG)

Harvest Fund Management Co. Ltd reduced its stake in SL Green Realty Corp. (NYSE:SLG) by 30.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,145 shares of the real estate investment trust’s stock after selling 2,726 shares during the period. Harvest Fund Management Co. Ltd’s holdings in SL Green Realty were worth $417,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new position in SL Green Realty in the third quarter valued at approximately $35,000. Jones Financial Companies Lllp purchased a new position in SL Green Realty in the fourth quarter valued at approximately $39,000. Versant Capital Management Inc increased its stake in SL Green Realty by 17.7% in the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 157 shares during the last quarter. Blue Trust Inc. increased its stake in SL Green Realty by 106.3% in the fourth quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 857 shares during the last quarter. Finally, Game Plan Financial Advisors LLC purchased a new position in SL Green Realty in the fourth quarter valued at approximately $149,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the transaction, the director now owns 2,052 shares in the company, valued at approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SLG shares. Mizuho increased their price objective on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Barclays decreased their price objective on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Tuesday, January 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. 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. Finally, Evercore ISI raised SL Green Realty from an “in-line” rating to an “outperform” rating and decreased their price objective for the company from $74.00 to $73.00 in a report on Monday, March 17th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $69.87.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $57.40 on Friday. 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 has a fifty day moving average price of $63.33 and a 200 day moving average price of $69.03. SL Green Realty Corp. has a 1-year low of $47.22 and a 1-year high of $82.81. The company has a market cap of $4.09 billion, a PE ratio of 717.55, a P/E/G ratio of 5.30 and a beta of 1.82.

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 the consensus estimate 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%. Sell-side analysts forecast that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders 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 of this dividend is Monday, March 31st. This represents a $1.03 annualized dividend and a yield of 1.79%. SL Green Realty’s dividend payout ratio is presently 3,862.50%.

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.