Truist Financial Corp Sells 2,452 Shares of SL Green Realty Corp. (NYSE:SLG)

Truist Financial Corp reduced its position in shares of SL Green Realty Corp. (NYSE:SLGGet Rating) by 4.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 55,033 shares of the real estate investment trust’s stock after selling 2,452 shares during the quarter. Truist Financial Corp owned about 0.09% of SL Green Realty worth $2,210,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in SL Green Realty by 1.8% during the 2nd quarter. Victory Capital Management Inc. now owns 16,015 shares of the real estate investment trust’s stock worth $739,000 after purchasing an additional 283 shares during the last quarter. Bramshill Investments LLC raised its holdings in SL Green Realty by 1.9% during the 2nd quarter. Bramshill Investments LLC now owns 15,464 shares of the real estate investment trust’s stock worth $714,000 after purchasing an additional 291 shares during the last quarter. Yousif Capital Management LLC increased its stake in shares of SL Green Realty by 0.8% in the 1st quarter. Yousif Capital Management LLC now owns 37,024 shares of the real estate investment trust’s stock valued at $3,006,000 after acquiring an additional 299 shares during the last quarter. Phocas Financial Corp. increased its stake in shares of SL Green Realty by 2.6% in the 3rd quarter. Phocas Financial Corp. now owns 13,250 shares of the real estate investment trust’s stock valued at $532,000 after acquiring an additional 330 shares during the last quarter. Finally, Salem Investment Counselors Inc. increased its stake in shares of SL Green Realty by 21.7% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,944 shares of the real estate investment trust’s stock valued at $90,000 after acquiring an additional 346 shares during the last quarter. 82.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SLG. Evercore ISI lowered their price target on SL Green Realty from $54.00 to $51.00 and set an “in-line” rating for the company in a research note on Tuesday, September 27th. BMO Capital Markets cut SL Green Realty from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $47.00 to $41.00 in a research note on Tuesday, December 6th. Mizuho lowered their price target on SL Green Realty from $48.00 to $38.00 and set a “neutral” rating for the company in a research note on Wednesday, January 4th. Wells Fargo & Company lowered their price target on SL Green Realty to $36.00 in a research note on Wednesday, December 14th. Finally, Truist Financial lowered their price target on SL Green Realty from $59.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, October 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $48.29.

SL Green Realty Trading Up 0.8 %

NYSE:SLG opened at $38.05 on Monday. SL Green Realty Corp. has a twelve month low of $32.15 and a twelve month high of $83.96. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 1.19. The business has a 50 day moving average price of $37.11 and a two-hundred day moving average price of $41.82. The company has a market cap of $2.45 billion, a P/E ratio of -29.27 and a beta of 1.42.

SL Green Realty (NYSE:SLGGet Rating) last announced its quarterly earnings data on Thursday, October 20th. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.03. SL Green Realty had a negative return on equity of 1.34% and a negative net margin of 8.17%. The company had revenue of $162.95 million for the quarter, compared to analysts’ expectations of $158.30 million. During the same quarter in the prior year, the business posted $1.83 EPS. The business’s revenue was up 4.9% compared to the same quarter last year. As a group, analysts expect that SL Green Realty Corp. will post 6.68 EPS for the current fiscal year.

SL Green Realty Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th will be paid a dividend of $0.271 per share. This represents a $3.25 dividend on an annualized basis and a dividend yield of 8.55%. The ex-dividend date is Thursday, December 29th. SL Green Realty’s dividend payout ratio is currently -250.00%.

About SL Green Realty

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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.

Further Reading

Institutional Ownership by Quarter for SL Green Realty (NYSE:SLG)

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