Bank of New York Mellon Corp Cuts Stock Holdings in SL Green Realty Corp. (NYSE:SLG)

Bank of New York Mellon Corp cut its stake in SL Green Realty Corp. (NYSE:SLG – Get Rating) by 1.1% in the third quarter, HoldingsChannel reports. The firm owned 797,803 shares of the real estate investment trust’s stock after selling 8,851 shares during the quarter. Bank of New York Mellon Corp’s holdings in SL Green Realty were worth $32,040,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Raymond James & Associates boosted its stake in shares of SL Green Realty by 24.8% in the 1st quarter. Raymond James & Associates now owns 9,662 shares of the real estate investment trust’s stock valued at $784,000 after buying an additional 1,923 shares during the period. HighTower Advisors LLC acquired a new stake in SL Green Realty in the first quarter valued at approximately $278,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in SL Green Realty in the first quarter worth approximately $662,000. MetLife Investment Management LLC grew its holdings in SL Green Realty by 27.2% during the 1st quarter. MetLife Investment Management LLC now owns 41,120 shares of the real estate investment trust’s stock worth $3,338,000 after acquiring an additional 8,784 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of SL Green Realty by 6.2% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,494 shares of the real estate investment trust’s stock valued at $1,907,000 after purchasing an additional 1,371 shares during the last quarter. 82.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SLG shares. Citigroup lifted their price objective on shares of SL Green Realty from $30.00 to $35.00 and gave the stock a “sell” rating in a research report on Wednesday, February 8th. Mizuho lowered their price objective on SL Green Realty from $48.00 to $38.00 and set a “neutral” rating for the company in a research report on Wednesday, January 4th. Robert W. Baird raised their target price on SL Green Realty from $38.00 to $43.00 and gave the stock a “neutral” rating in a research report on Monday, January 30th. Barclays lowered their price target on SL Green Realty from $88.00 to $47.00 and set an “overweight” rating for the company in a report on Wednesday, December 7th. Finally, Wells Fargo & Company cut their price objective on shares of SL Green Realty to $36.00 in a report on Wednesday, December 14th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and a consensus target price of $46.94.

Insider Activity

In related news, Director Craig M. Hatkoff sold 9,000 shares of the stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $34.31, for a total transaction of $308,790.00. Following the completion of the transaction, the director now directly owns 2,052 shares of the company’s stock, valued at $70,404.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.21% of the company’s stock.

SL Green Realty Stock Performance

NYSE SLG opened at $29.04 on Tuesday. The firm has a market cap of $1.87 billion, a P/E ratio of -19.49 and a beta of 1.52. SL Green Realty Corp. has a 52-week low of $28.39 and a 52-week high of $83.96. The business’s 50-day moving average price is $36.83 and its 200 day moving average price is $38.72. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 1.20.

SL Green Realty (NYSE:SLG – Get Rating) last announced its earnings results on Wednesday, January 25th. The real estate investment trust reported ($1.01) earnings per share for the quarter, missing the consensus estimate of $1.48 by ($2.49). SL Green Realty had a negative net margin of 9.44% and a negative return on equity of 1.62%. The company had revenue of $197.29 million during the quarter, compared to analysts’ expectations of $194.74 million. During the same quarter last year, the business posted $1.52 earnings per share. The company’s revenue for the quarter was up 31.4% compared to the same quarter last year. On average, equities research analysts expect that SL Green Realty Corp. will post 5.48 earnings per share for the current year.

SL Green Realty Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th will be paid a $0.2708 dividend. This represents a $3.25 annualized dividend and a dividend yield of 11.19%. The ex-dividend date is Monday, February 27th. SL Green Realty’s dividend payout ratio (DPR) is presently -218.12%.

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.