Probity Advisors Inc. Trims Stake in SL Green Realty Corp. (NYSE:SLG)

Probity Advisors Inc. reduced its holdings in SL Green Realty Corp. (NYSE:SLG) by 2.6% during the third quarter, Holdings Channel.com reports. The fund owned 6,252 shares of the real estate investment trust’s stock after selling 169 shares during the quarter. Probity Advisors Inc.’s holdings in SL Green Realty were worth $435,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SLG. Allspring Global Investments Holdings LLC purchased a new stake in SL Green Realty in the second quarter valued at approximately $29,000. Fidelis Capital Partners LLC purchased a new position in SL Green Realty in the first quarter worth $55,000. Rothschild Investment LLC purchased a new position in SL Green Realty in the second quarter worth $55,000. GAMMA Investing LLC increased its stake in SL Green Realty by 6.3% in the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock valued at $182,000 after acquiring an additional 196 shares during the last quarter. Finally, Meeder Advisory Services Inc. purchased a new stake in SL Green Realty during the first quarter valued at about $201,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

Analyst Ratings Changes

SLG has been the subject of a number of research reports. Scotiabank upped their price objective on SL Green Realty from $53.00 to $68.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Truist Financial increased their price target on shares of SL Green Realty from $47.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Piper Sandler boosted their price objective on shares of SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and upped their price objective for the company from $44.00 to $66.00 in a research note on Friday, September 13th. Finally, Wells Fargo & Company lifted their target price on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 11th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $60.43.

SL Green Realty Stock Down 1.4 %

Shares of SL Green Realty stock opened at $71.65 on Thursday. The company has a 50-day moving average of $66.98 and a 200 day moving average of $59.32. SL Green Realty Corp. has a 1 year low of $28.55 and a 1 year high of $73.80. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of -8.80, a PEG ratio of 1.86 and a beta of 1.83. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. During the same period last year, the business earned $1.27 EPS. As a group, sell-side analysts anticipate that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend was Monday, September 30th. SL Green Realty’s dividend payout ratio is presently -36.32%.

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.