Public Sector Pension Investment Board Cuts Position in SL Green Realty Corp. (NYSE:SLG)

Public Sector Pension Investment Board reduced its stake in shares of SL Green Realty Corp. (NYSE:SLG) by 3.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 137,545 shares of the real estate investment trust’s stock after selling 5,000 shares during the period. Public Sector Pension Investment Board’s holdings in SL Green Realty were worth $9,575,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in SL Green Realty by 10.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,057 shares of the real estate investment trust’s stock worth $2,092,000 after buying an additional 2,874 shares during the period. BBR Partners LLC purchased a new stake in shares of SL Green Realty during the 3rd quarter worth approximately $278,000. Glenmede Trust Co. NA grew its holdings in shares of SL Green Realty by 17.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 15,721 shares of the real estate investment trust’s stock worth $1,094,000 after acquiring an additional 2,337 shares during the period. FMR LLC increased its stake in SL Green Realty by 69.1% in the 3rd quarter. FMR LLC now owns 58,185 shares of the real estate investment trust’s stock valued at $4,050,000 after purchasing an additional 23,780 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in SL Green Realty by 1.6% during the third quarter. The Manufacturers Life Insurance Company now owns 41,419 shares of the real estate investment trust’s stock worth $2,883,000 after purchasing an additional 639 shares during the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Stock Down 0.5 %

SLG opened at $78.21 on Friday. SL Green Realty Corp. has a 1 year low of $36.10 and a 1 year high of $82.81. The firm has a 50 day moving average price of $74.63 and a 200 day moving average price of $65.10. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market cap of $5.16 billion, a PE ratio of -31.28, a price-to-earnings-growth ratio of 3.85 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). The business had revenue of $229.69 million during 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 period in the previous year, the company earned $1.27 EPS. Sell-side analysts expect that SL Green Realty Corp. will post 7.61 earnings per share for the current year.

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Friday, November 29th. SL Green Realty’s dividend payout ratio is presently -120.00%.

Analysts Set New Price Targets

SLG has been the topic of several research reports. Barclays upped their target price on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. Piper Sandler restated an “overweight” rating and set a $90.00 target price (up from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Scotiabank lifted their target price on shares of SL Green Realty from $68.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 price target (up from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Finally, JPMorgan Chase & Co. lifted their price objective on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 6th. Three research 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. According to data from MarketBeat, SL Green Realty currently has an average rating of “Hold” and an average price target of $66.00.

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.