Sumitomo Mitsui Trust Holdings Inc. Buys 6,307 Shares of SL Green Realty Corp. (NYSE:SLG)

Sumitomo Mitsui Trust Holdings Inc. boosted its stake in SL Green Realty Corp. (NYSE:SLG) by 9.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 75,975 shares of the real estate investment trust’s stock after purchasing an additional 6,307 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in SL Green Realty were worth $3,432,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Phocas Financial Corp. bought a new stake in shares of SL Green Realty in the fourth quarter valued at approximately $3,425,000. Wellington Management Group LLP bought a new stake in shares of SL Green Realty in the third quarter valued at approximately $38,666,000. Cyndeo Wealth Partners LLC bought a new stake in shares of SL Green Realty in the fourth quarter valued at approximately $4,593,000. Raymond James Financial Services Advisors Inc. bought a new stake in SL Green Realty during the 4th quarter worth approximately $491,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in SL Green Realty by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 994,094 shares of the real estate investment trust’s stock worth $37,080,000 after acquiring an additional 26,465 shares during the period. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Price Performance

Shares of SL Green Realty stock opened at $52.13 on Thursday. SL Green Realty Corp. has a 52-week low of $20.51 and a 52-week high of $55.75. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of -6.31, a price-to-earnings-growth ratio of 1.37 and a beta of 1.71. The company has a fifty day moving average of $50.40 and a 200-day moving average of $43.60. 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 Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.75%. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Insider Activity

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

Analyst Ratings Changes

A number of analysts recently weighed in on SLG shares. Deutsche Bank Aktiengesellschaft started coverage on shares of SL Green Realty in a report on Tuesday, January 30th. They set a “hold” rating and a $50.00 target price on the stock. The Goldman Sachs Group upped their target price on shares of SL Green Realty from $30.00 to $36.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $35.00 to $48.00 in a report on Wednesday, March 27th. TheStreet raised shares of SL Green Realty from a “d+” rating to a “c-” rating in a report on Wednesday, January 10th. Finally, StockNews.com raised shares of SL Green Realty to a “sell” rating in a research note on Saturday, February 3rd. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $47.25.

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.