Van ECK Associates Corp Purchases 3,770 Shares of SL Green Realty Corp. (NYSE:SLG)

Van ECK Associates Corp boosted its position in SL Green Realty Corp. (NYSE:SLG) by 15.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,517 shares of the real estate investment trust’s stock after purchasing an additional 3,770 shares during the quarter. Van ECK Associates Corp’s holdings in SL Green Realty were worth $1,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Deutsche Bank AG lifted its holdings in shares of SL Green Realty by 2,563.6% during the 3rd quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock worth $74,573,000 after acquiring an additional 1,924,221 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of SL Green Realty in the 3rd quarter worth about $38,666,000. Adage Capital Partners GP L.L.C. increased its position in shares of SL Green Realty by 65.9% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 340,131 shares of the real estate investment trust’s stock valued at $12,687,000 after purchasing an additional 135,131 shares during the last quarter. Moody Aldrich Partners LLC purchased a new position in shares of SL Green Realty during the 3rd quarter valued at about $5,008,000. Finally, Cyndeo Wealth Partners LLC bought a new stake in SL Green Realty in the 4th quarter worth approximately $4,593,000. 89.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SLG has been the subject of several recent research reports. Barclays upgraded shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $35.00 to $48.00 in a research report on Wednesday, March 27th. Piper Sandler restated an “overweight” rating and set a $58.00 price target on shares of SL Green Realty in a research report on Tuesday, March 26th. StockNews.com raised SL Green Realty to a “sell” rating in a research note on Wednesday. Evercore ISI lifted their target price on shares of SL Green Realty from $46.00 to $47.00 and gave the stock an “underperform” rating in a research note on Monday, April 22nd. Finally, Truist Financial cut shares of SL Green Realty from a “buy” rating to a “hold” rating and increased their price target for the company from $44.00 to $47.00 in a research report on Tuesday, January 16th. Six research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $47.00.

SL Green Realty Trading Up 2.9 %

Shares of SL Green Realty stock opened at $52.43 on Friday. The firm has a 50-day simple moving average of $51.40 and a two-hundred day simple moving average of $44.81. SL Green Realty Corp. has a fifty-two week low of $20.51 and a fifty-two week high of $55.75. The company has a market cap of $3.45 billion, a P/E ratio of -6.35, a price-to-earnings-growth ratio of 1.39 and a beta of 1.72. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.23 and a current ratio of 2.96.

SL Green Realty Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.72%. The ex-dividend date of this dividend is Monday, April 29th. SL Green Realty’s dividend payout ratio is currently -36.32%.

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.