Axxcess Wealth Management LLC Purchases Shares of 6,200 SL Green Realty Corp. (NYSE:SLG)

Axxcess Wealth Management LLC purchased a new stake in SL Green Realty Corp. (NYSE:SLG) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 6,200 shares of the real estate investment trust’s stock, valued at approximately $342,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Private Trust Co. NA purchased a new stake in SL Green Realty in the fourth quarter valued at about $33,000. Fidelis Capital Partners LLC purchased a new position in shares of SL Green Realty in the first quarter worth about $55,000. GAMMA Investing LLC purchased a new position in shares of SL Green Realty in the fourth quarter worth about $140,000. Meeder Advisory Services Inc. purchased a new position in shares of SL Green Realty in the first quarter worth about $201,000. Finally, Caprock Group LLC purchased a new position in shares of SL Green Realty in the fourth quarter worth about $203,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Price Performance

SLG traded up $1.45 during trading on Friday, hitting $64.61. The company’s stock had a trading volume of 804,001 shares, compared to its average volume of 896,512. The company has a current ratio of 2.59, a quick ratio of 2.96 and a debt-to-equity ratio of 0.99. SL Green Realty Corp. has a twelve month low of $28.55 and a twelve month high of $66.54. The business’s fifty day simple moving average is $56.27 and its 200 day simple moving average is $51.62. The firm has a market capitalization of $4.26 billion, a price-to-earnings ratio of -7.82, a P/E/G ratio of 2.02 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. The firm had revenue of $222.82 million for the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The business’s revenue was down 9.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.43 earnings per share. On average, equities research analysts forecast that SL Green Realty Corp. will post 7.56 EPS for the current fiscal year.

SL Green Realty Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date is Wednesday, July 31st. SL Green Realty’s dividend payout ratio is presently -36.32%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SLG shares. Barclays raised their price objective on SL Green Realty from $48.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Citigroup raised their price objective on SL Green Realty from $31.00 to $37.00 and gave the stock a “sell” rating in a research note on Thursday, June 13th. Truist Financial raised their price objective on SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. raised their price objective on SL Green Realty from $43.00 to $44.00 and gave the stock an “underweight” rating in a research note on Thursday, April 25th. Finally, StockNews.com raised SL Green Realty to a “sell” rating in a report on Friday, July 19th. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SL Green Realty currently has a consensus rating of “Hold” and an average price target of $47.38.

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.