Federated Hermes Inc. Sells 18,572 Shares of SL Green Realty Corp. (NYSE:SLG)

Federated Hermes Inc. reduced its holdings in SL Green Realty Corp. (NYSE:SLG) by 4.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 377,307 shares of the real estate investment trust’s stock after selling 18,572 shares during the quarter. Federated Hermes Inc. owned approximately 0.59% of SL Green Realty worth $17,043,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SLG. Rheos Capital Works Inc. bought a new position in shares of SL Green Realty in the third quarter worth about $4,737,000. Friedenthal Financial bought a new stake in shares of SL Green Realty during the third quarter worth $711,000. Commonwealth Equity Services LLC boosted its holdings in SL Green Realty by 66.4% in the third quarter. Commonwealth Equity Services LLC now owns 17,752 shares of the real estate investment trust’s stock valued at $662,000 after acquiring an additional 7,086 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in SL Green Realty by 4.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,033,136 shares of the real estate investment trust’s stock worth $38,536,000 after purchasing an additional 45,247 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of SL Green Realty by 8.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,270 shares of the real estate investment trust’s stock valued at $1,017,000 after purchasing an additional 2,064 shares during the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Stock Up 2.5 %

SLG stock opened at $50.80 on Tuesday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.23 and a current ratio of 2.96. SL Green Realty Corp. has a twelve month low of $20.51 and a twelve month high of $55.75. The business has a 50 day moving average price of $50.04 and a two-hundred day moving average price of $43.41.

SL Green Realty Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.91%. The ex-dividend date is Monday, April 29th. SL Green Realty’s dividend payout ratio (DPR) is presently -36.32%.

Insider Activity

In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the sale, the director now owns 6,886 shares in the company, valued at $325,363.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the sale, the director now directly owns 6,886 shares of the company’s stock, valued at $325,363.50. The disclosure for this sale can be found here. 5.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SLG has been the topic of a number of recent research reports. Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $35.00 to $48.00 in a research note on Wednesday, March 27th. Deutsche Bank Aktiengesellschaft began coverage on SL Green Realty in a research note on Tuesday, January 30th. They issued a “hold” rating and a $50.00 price target for the company. Evercore ISI upped their target price on shares of SL Green Realty from $46.00 to $47.00 and gave the company an “underperform” rating in a research note on Monday. Truist Financial lowered shares of SL Green Realty from a “buy” rating to a “hold” rating and boosted their price target for the company from $44.00 to $47.00 in a report on Tuesday, January 16th. Finally, Piper Sandler reissued an “overweight” rating and issued a $58.00 target price on shares of SL Green Realty in a research note on Tuesday, March 26th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $47.25.

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.