Bank of New York Mellon Corp Decreases Stake in SL Green Realty Corporation (NYSE:SLG)

Bank of New York Mellon Corp lowered its position in SL Green Realty Corporation (NYSE:SLG) by 1.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 610,610 shares of the real estate investment trust’s stock after selling 9,950 shares during the period. Bank of New York Mellon Corp owned 0.86% of SL Green Realty worth $35,232,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Summit Place Financial Advisors LLC lifted its position in SL Green Realty by 149.6% during the first quarter. Summit Place Financial Advisors LLC now owns 17,845 shares of the real estate investment trust’s stock worth $1,030,000 after buying an additional 10,695 shares in the last quarter. Principal Financial Group Inc. lifted its position in SL Green Realty by 1.8% during the first quarter. Principal Financial Group Inc. now owns 348,870 shares of the real estate investment trust’s stock worth $20,130,000 after buying an additional 6,112 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in SL Green Realty during the first quarter worth about $601,000. KBC Group NV raised its stake in SL Green Realty by 20.9% during the first quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust’s stock worth $193,000 after purchasing an additional 577 shares during the period. Finally, Fourth Dimension Wealth LLC raised its stake in SL Green Realty by 54.5% during the first quarter. Fourth Dimension Wealth LLC now owns 1,700 shares of the real estate investment trust’s stock worth $98,000 after purchasing an additional 600 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

Analyst Upgrades and Downgrades

SLG has been the topic of several analyst reports. Truist Financial reduced their price target on shares of SL Green Realty from $62.00 to $54.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of SL Green Realty in a research report on Friday, May 23rd. Wall Street Zen lowered shares of SL Green Realty from a “hold” rating to a “sell” rating in a research report on Saturday, May 24th. Scotiabank set a $71.00 price target on shares of SL Green Realty and gave the company a “sector perform” rating in a research report on Monday. Finally, Wells Fargo & Company reduced their price target on shares of SL Green Realty from $69.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $65.33.

SL Green Realty Stock Down 0.6%

Shares of NYSE:SLG opened at $63.58 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.85 and a quick ratio of 2.85. The firm has a market capitalization of $4.53 billion, a PE ratio of -151.38 and a beta of 1.65. The firm’s 50-day moving average is $60.55 and its two-hundred day moving average is $60.32. SL Green Realty Corporation has a 1 year low of $45.15 and a 1 year high of $82.81.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.13. SL Green Realty had a negative return on equity of 0.98% and a negative net margin of 1.30%. The company had revenue of $144.52 million for the quarter, compared to the consensus estimate of $158.44 million. Analysts predict that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.2575 dividend. This represents a $1.03 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend is Monday, June 30th. SL Green Realty’s dividend payout ratio (DPR) is presently -735.71%.

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.