Independent Advisor Alliance Decreases Holdings in SL Green Realty Corp. (NYSE:SLG)

Independent Advisor Alliance lowered its holdings in SL Green Realty Corp. (NYSE:SLG) by 1.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 25,010 shares of the real estate investment trust’s stock after selling 301 shares during the quarter. Independent Advisor Alliance’s holdings in SL Green Realty were worth $1,741,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of SL Green Realty by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock valued at $88,275,000 after purchasing an additional 97,653 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in SL Green Realty by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock valued at $56,350,000 after buying an additional 88,309 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of SL Green Realty by 1.8% in the second 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 acquiring an additional 14,167 shares during the period. Federated Hermes Inc. grew its position in shares of SL Green Realty by 8.2% during the second quarter. Federated Hermes Inc. now owns 433,896 shares of the real estate investment trust’s stock worth $24,576,000 after acquiring an additional 32,985 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of SL Green Realty by 1.4% in the 2nd quarter. Rhumbline Advisers now owns 234,858 shares of the real estate investment trust’s stock valued at $13,302,000 after acquiring an additional 3,255 shares during the period. 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 recent research reports. Scotiabank increased their price target on shares of SL Green Realty from $68.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Jefferies Financial Group increased their target price on shares of SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday, November 22nd. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and raised their price target for the stock from $44.00 to $66.00 in a report on Friday, September 13th. Evercore ISI upped their price objective on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Finally, Morgan Stanley lifted their target price on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 9th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $66.00.

SL Green Realty Trading Down 1.0 %

NYSE:SLG opened at $78.17 on Wednesday. SL Green Realty Corp. has a 1 year low of $32.78 and a 1 year high of $82.81. The stock has a fifty day moving average price of $74.24 and a two-hundred day moving average price of $64.73. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data 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). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The company had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. During the same quarter last year, the business earned $1.27 EPS. As a group, equities research analysts forecast that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.84%. The ex-dividend date is Friday, November 29th. SL Green Realty’s dividend payout ratio (DPR) is -120.00%.

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.