Illinois Municipal Retirement Fund Purchases New Position in SL Green Realty Corp. (NYSE:SLG)

Illinois Municipal Retirement Fund purchased a new stake in SL Green Realty Corp. (NYSE:SLG) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 33,958 shares of the real estate investment trust’s stock, valued at approximately $1,534,000.

Several other hedge funds have also recently bought and sold shares of SLG. Rosenberg Matthew Hamilton increased its stake in shares of SL Green Realty by 9.6% during the fourth quarter. Rosenberg Matthew Hamilton now owns 2,588 shares of the real estate investment trust’s stock worth $117,000 after purchasing an additional 227 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in shares of SL Green Realty by 1.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 13,739 shares of the real estate investment trust’s stock worth $621,000 after buying an additional 255 shares in the last quarter. Arden Trust Co boosted its position in shares of SL Green Realty by 1.5% in the fourth quarter. Arden Trust Co now owns 23,935 shares of the real estate investment trust’s stock valued at $1,081,000 after acquiring an additional 356 shares during the period. Gotham Asset Management LLC grew its stake in shares of SL Green Realty by 3.6% in the third quarter. Gotham Asset Management LLC now owns 10,526 shares of the real estate investment trust’s stock valued at $393,000 after acquiring an additional 362 shares in the last quarter. Finally, Lido Advisors LLC increased its position in SL Green Realty by 1.1% during the third quarter. Lido Advisors LLC now owns 36,646 shares of the real estate investment trust’s stock worth $1,367,000 after acquiring an additional 405 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SLG shares. JPMorgan Chase & Co. raised their target price on shares of SL Green Realty from $43.00 to $44.00 and gave the stock an “underweight” rating in a report on Thursday. Scotiabank increased their price target on SL Green Realty from $40.00 to $43.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, April 2nd. Deutsche Bank Aktiengesellschaft began coverage on SL Green Realty in a research note on Tuesday, January 30th. They set a “hold” rating and a $50.00 price objective on the stock. Piper Sandler reiterated an “overweight” rating and set a $58.00 target price on shares of SL Green Realty in a research report on Tuesday, March 26th. Finally, BMO Capital Markets raised SL Green Realty from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $56.00 to $58.00 in a report on Thursday, April 18th. Six equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $47.00.

SL Green Realty Trading Down 0.6 %

SL Green Realty stock opened at $50.58 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.96 and a quick ratio of 2.23. SL Green Realty Corp. has a 52 week low of $20.51 and a 52 week high of $55.75. The stock has a fifty day moving average of $50.58 and a 200-day moving average of $43.76.

SL Green Realty Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 5.93%. The ex-dividend date of this dividend is Monday, April 29th. SL Green Realty’s payout ratio is -36.32%.

Insiders Place Their Bets

In other news, Director Carol N. Brown sold 5,118 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 5.60% of the company’s stock.

SL Green Realty Company 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.