State Street Corp Has $275.29 Million Position in SL Green Realty Corp. (NYSE:SLG)

State Street Corp lessened its position in SL Green Realty Corp. (NYSE:SLG) by 2.2% during the 3rd quarter, Holdings Channel reports. The firm owned 3,940,713 shares of the real estate investment trust’s stock after selling 89,157 shares during the quarter. State Street Corp owned approximately 0.06% of SL Green Realty worth $275,290,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SLG. Sequoia Financial Advisors LLC grew its stake in SL Green Realty by 4.4% during the second quarter. Sequoia Financial Advisors LLC now owns 14,352 shares of the real estate investment trust’s stock worth $813,000 after buying an additional 606 shares during the last quarter. Nisa Investment Advisors LLC grew its position in SL Green Realty by 2.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 121,022 shares of the real estate investment trust’s stock worth $6,885,000 after acquiring an additional 2,797 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in SL Green Realty by 1.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the real estate investment trust’s stock valued at $1,846,000 after purchasing an additional 500 shares in the last quarter. Bank of New York Mellon Corp raised its position in SL Green Realty by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock valued at $45,906,000 after purchasing an additional 14,167 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in SL Green Realty in the second quarter worth $29,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

Wall Street Analyst Weigh In

SLG has been the subject of a number of research reports. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and raised their target price for the company from $44.00 to $66.00 in a research note on Friday, September 13th. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $51.00 to $80.00 in a research note on Tuesday. BMO Capital Markets reissued an “outperform” rating and set a $87.00 price target (up from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Barclays upped their price objective on SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Finally, Compass Point set a $65.00 target price on SL Green Realty and gave the company a “neutral” rating in a research note on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $68.00.

SL Green Realty Trading Down 2.9 %

NYSE SLG opened at $74.21 on Wednesday. SL Green Realty Corp. has a one year low of $40.30 and a one year high of $82.81. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market cap of $4.89 billion, a P/E ratio of -29.68, a P/E/G ratio of 3.68 and a beta of 1.81. The stock’s 50-day moving average is $75.18 and its 200-day moving average is $66.21.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). The company had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same quarter last year, the business posted $1.27 earnings per share. Sell-side analysts anticipate that SL Green Realty Corp. will post 7.59 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.2575 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 dividend on an annualized basis and a yield of 4.16%. SL Green Realty’s dividend payout ratio is presently -120.00%.

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.