SL Green Realty Corp. (NYSE:SLG) Stake Cut by Geode Capital Management LLC

Geode Capital Management LLC decreased its holdings in shares of SL Green Realty Corp. (NYSE:SLG) by 0.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,641,115 shares of the real estate investment trust’s stock after selling 1,170 shares during the period. Geode Capital Management LLC owned about 2.49% of SL Green Realty worth $114,259,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SLG. Venturi Wealth Management LLC raised its stake in 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 worth $26,000 after acquiring an additional 272 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of SL Green Realty during the 2nd 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 acquired a new position in SL Green Realty during the 3rd quarter valued at approximately $49,000. Finally, Rothschild Investment LLC bought a new position in SL Green Realty during the 2nd quarter worth $55,000. 89.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Bank of America upped their price target on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Jefferies Financial Group raised their price target on shares of SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a research note on Friday, November 22nd. Evercore ISI boosted their price objective on SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. 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 report on Monday, October 21st. Finally, Morgan Stanley boosted their price target on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $68.67.

SL Green Realty Price Performance

Shares of SL Green Realty stock opened at $74.10 on Wednesday. SL Green Realty Corp. has a 52 week low of $41.81 and a 52 week high of $82.81. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06. The stock has a market cap of $4.89 billion, a PE ratio of -29.64, a price-to-earnings-growth ratio of 4.26 and a beta of 1.81. The company’s 50-day moving average price is $75.92 and its two-hundred day moving average price is $67.19.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The business had revenue of $229.69 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $1.27 earnings per share. As a group, sell-side analysts anticipate that SL Green Realty Corp. will post 7.82 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.2575 per share. The ex-dividend date is Tuesday, December 31st. This is a positive change from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 annualized dividend and a dividend yield of 4.17%. SL Green Realty’s dividend payout ratio (DPR) is currently -123.60%.

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.