JPMorgan Chase & Co. Increases Stake in SL Green Realty Corporation $SLG

JPMorgan Chase & Co. raised its holdings in shares of SL Green Realty Corporation (NYSE:SLG) by 12.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 727,906 shares of the real estate investment trust’s stock after acquiring an additional 81,910 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.02% of SL Green Realty worth $43,536,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of SLG. Quent Capital LLC bought a new position in SL Green Realty in the 3rd quarter worth $27,000. Salomon & Ludwin LLC purchased a new stake in SL Green Realty in the third quarter worth about $29,000. Whittier Trust Co. bought a new position in shares of SL Green Realty in the third quarter worth about $29,000. Bessemer Group Inc. raised its stake in shares of SL Green Realty by 67.8% in the second quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 253 shares during the period. Finally, Cornerstone Planning Group LLC lifted its position in shares of SL Green Realty by 12,114.3% during the 3rd quarter. Cornerstone Planning Group LLC now owns 855 shares of the real estate investment trust’s stock valued at $51,000 after buying an additional 848 shares in the last quarter. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Price Performance

Shares of SL Green Realty stock opened at $39.38 on Friday. The firm has a market cap of $2.81 billion, a PE ratio of -24.46 and a beta of 1.63. The stock has a 50 day moving average of $44.24 and a 200 day moving average of $50.19. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 1.05. SL Green Realty Corporation has a 12 month low of $36.12 and a 12 month high of $66.91.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The business had revenue of $159.82 million for the quarter, compared to analysts’ expectations of $162.73 million. During the same period in the prior year, the firm earned $1.81 EPS. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, research analysts expect that SL Green Realty Corporation will post 5.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SLG has been the subject of a number of analyst reports. Barclays reduced their price objective on shares of SL Green Realty from $54.00 to $43.00 and set an “equal weight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. decreased their price target on SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, January 14th. Mizuho set a $38.00 price objective on SL Green Realty and gave the stock a “neutral” rating in a research note on Tuesday. Piper Sandler cut their target price on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, January 5th. Finally, Raymond James Financial set a $44.00 price target on SL Green Realty in a report on Tuesday, February 3rd. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $53.30.

Insider Transactions at SL Green Realty

In other news, CEO Marc Holliday sold 22,223 shares of the company’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total transaction of $986,701.20. Following the sale, the chief executive officer directly owned 9,698 shares in the company, valued at approximately $430,591.20. This represents a 69.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew S. Levine sold 1,493 shares of SL Green Realty stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $45.27, for a total value of $67,588.11. Following the completion of the transaction, the insider owned 7,045 shares of the company’s stock, valued at approximately $318,927.15. This represents a 17.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 5.04% of the company’s stock.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.