Comerica Bank Reduces Position in SL Green Realty Corp. (NYSE:SLG)

Comerica Bank reduced its position in shares of SL Green Realty Corp. (NYSE:SLGGet Rating) by 1.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,416 shares of the real estate investment trust’s stock after selling 350 shares during the period. Comerica Bank’s holdings in SL Green Realty were worth $1,114,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in SL Green Realty during the 2nd quarter worth about $25,000. Wipfli Financial Advisors LLC purchased a new position in shares of SL Green Realty in the 3rd quarter valued at about $32,000. Activest Wealth Management acquired a new stake in shares of SL Green Realty during the 3rd quarter worth about $33,000. CWM LLC lifted its stake in SL Green Realty by 1,050.0% during the second quarter. CWM LLC now owns 736 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 672 shares during the last quarter. Finally, SeaCrest Wealth Management LLC acquired a new position in SL Green Realty in the second quarter valued at approximately $47,000. Institutional investors and hedge funds own 82.00% of the company’s stock.

Analysts Set New Price Targets

SLG has been the subject of several recent analyst reports. BTIG Research reduced their price objective on shares of SL Green Realty from $105.00 to $84.00 in a research report on Wednesday, October 19th. Evercore ISI dropped their price objective on SL Green Realty from $54.00 to $51.00 and set an “in-line” rating on the stock in a report on Tuesday, September 27th. StockNews.com downgraded SL Green Realty from a “hold” rating to a “sell” rating in a report on Wednesday, November 9th. Truist Financial dropped their price target on SL Green Realty from $59.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, October 25th. Finally, Mizuho reduced their price objective 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. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $48.29.

SL Green Realty Price Performance

Shares of SLG opened at $36.85 on Wednesday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 1.19. The stock’s 50 day moving average is $36.77 and its two-hundred day moving average is $41.34. SL Green Realty Corp. has a twelve month low of $32.15 and a twelve month high of $83.96. The firm has a market capitalization of $2.37 billion, a PE ratio of -28.35 and a beta of 1.42.

SL Green Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, February 15th. Investors of record on Tuesday, January 31st will be paid a $0.271 dividend. The ex-dividend date is Monday, January 30th. This represents a $3.25 dividend on an annualized basis and a dividend yield of 8.82%. SL Green Realty’s dividend payout ratio (DPR) is presently -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

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

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