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

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

A number of other institutional investors also recently added to or reduced their stakes in the business. Venturi Wealth Management LLC raised its stake in shares of SL Green Realty by 272.0% during the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 272 shares in the last quarter. Van ECK Associates Corp increased its stake in SL Green Realty by 10.4% during the 3rd quarter. Van ECK Associates Corp now owns 30,788 shares of the real estate investment trust’s stock valued at $2,327,000 after buying an additional 2,899 shares during the period. Rosenberg Matthew Hamilton raised its position in shares of SL Green Realty by 6.6% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock worth $161,000 after buying an additional 144 shares in the last quarter. US Bancorp DE boosted its holdings in shares of 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. acquired a new position in shares of SL Green Realty during the third quarter valued at approximately $224,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Stock Performance

Shares of NYSE SLG opened at $76.98 on Wednesday. The business’s 50-day moving average price is $71.73 and its two-hundred day moving average price is $62.70. SL Green Realty Corp. has a one year low of $29.26 and a one year high of $82.81. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The business had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. During the same quarter in the prior year, the company posted $1.27 earnings per share. Sell-side analysts anticipate that SL Green Realty Corp. will post 7.61 earnings per share for the current year.

SL Green Realty Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 3.90%. SL Green Realty’s dividend payout ratio (DPR) is presently -120.00%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SLG. Barclays increased their price target on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Compass Point set a $65.00 price objective on SL Green Realty and gave the stock a “neutral” rating in a report on Friday, October 18th. Truist Financial raised their target price on shares of SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Piper Sandler restated an “overweight” rating and set a $90.00 price target (up previously from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Finally, Morgan Stanley raised their price objective on shares of SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $65.57.

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.