Nomura Asset Management Co. Ltd. Cuts Position in SL Green Realty Corp. (NYSE:SLG)

Nomura Asset Management Co. Ltd. decreased its position in shares of SL Green Realty Corp. (NYSE:SLG) by 0.2% during the third quarter, HoldingsChannel reports. The firm owned 81,550 shares of the real estate investment trust’s stock after selling 150 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in SL Green Realty were worth $5,677,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC raised its holdings in shares of 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 valued at $26,000 after buying an additional 272 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of SL Green Realty during the second quarter worth approximately $29,000. Point72 DIFC Ltd bought a new stake in shares of SL Green Realty in the 3rd quarter worth approximately $35,000. Friedenthal Financial purchased a new stake in shares of SL Green Realty in the 3rd quarter valued at $49,000. Finally, Blue Trust Inc. boosted its stake in shares of SL Green Realty by 363.2% in the 3rd quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 632 shares in the last quarter. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Trading Up 2.2 %

NYSE:SLG opened at $74.60 on Friday. The company has a 50-day moving average price of $75.46 and a 200-day moving average price of $66.47. The stock has a market cap of $4.92 billion, a price-to-earnings ratio of -29.84, a P/E/G ratio of 3.49 and a beta of 1.81. 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 Corp. has a 12 month low of $41.81 and a 12 month high of $82.81.

SL Green Realty (NYSE:SLG) last issued 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 return on equity of 3.76% and a negative net margin of 16.78%. The company had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. During the same quarter last year, the business earned $1.27 earnings per share. Equities analysts predict that SL Green Realty Corp. will post 7.84 EPS for the current year.

SL Green Realty Increases Dividend

The company also recently declared 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. This represents a $3.09 annualized dividend and a yield of 4.14%. This is a boost from SL Green Realty’s previous monthly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. SL Green Realty’s dividend payout ratio is presently -120.00%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SLG. Scotiabank boosted their price target on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Compass Point boosted their target price on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday. JPMorgan Chase & Co. upgraded SL Green Realty from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $51.00 to $80.00 in a research report on Tuesday. Evercore ISI boosted their price objective on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. Finally, Jefferies Financial Group raised their target price on shares of SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $68.67.

About SL Green Realty

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.