SL Green Realty Corp. (NYSE:SLG) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd cut its position in shares of SL Green Realty Corp. (NYSE:SLG) by 63.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,134 shares of the real estate investment trust’s stock after selling 49,883 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in SL Green Realty were worth $2,028,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SLG. Venturi Wealth Management LLC increased its position in SL Green Realty by 272.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 272 shares in the last quarter. Van ECK Associates Corp increased its position in shares of SL Green Realty by 10.4% in the third quarter. Van ECK Associates Corp now owns 30,788 shares of the real estate investment trust’s stock worth $2,327,000 after acquiring an additional 2,899 shares in the last quarter. Rosenberg Matthew Hamilton boosted its holdings in SL Green Realty by 6.6% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock worth $161,000 after acquiring an additional 144 shares during the period. US Bancorp DE grew its position in SL Green Realty by 13.2% in the third quarter. US Bancorp DE now owns 9,419 shares of the real estate investment trust’s stock valued at $656,000 after acquiring an additional 1,100 shares in the last quarter. Finally, First Trust Direct Indexing L.P. purchased a new stake in shares of SL Green Realty during the third quarter valued at approximately $224,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SLG. BMO Capital Markets restated an “outperform” rating and issued a $87.00 target price (up from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Scotiabank raised their target price on SL Green Realty from $68.00 to $80.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Barclays lifted their target price on SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and increased their price target for the company from $44.00 to $66.00 in a report on Friday, September 13th. Finally, Bank of America lifted their price objective on SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $65.57.

SL Green Realty Stock Performance

SLG stock opened at $76.98 on Wednesday. SL Green Realty Corp. has a 1-year low of $29.26 and a 1-year high of $82.81. The firm has a fifty day moving average price of $71.73 and a two-hundred day moving average price of $62.70. 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) 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 16.78% and a negative return on equity of 3.76%. The business had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. During the same period in the prior year, the company earned $1.27 EPS. As a group, analysts anticipate that SL Green Realty Corp. will post 7.61 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Thursday, October 31st. 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.