Bank of New York Mellon Corp Trims Position in SL Green Realty Corp. (NYSE:SLG)

Bank of New York Mellon Corp lessened its stake in shares of SL Green Realty Corp. (NYSE:SLG - Free Report) by 15.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 620,560 shares of the real estate investment trust's stock after selling 113,935 shares during the quarter. Bank of New York Mellon Corp owned about 0.94% of SL Green Realty worth $42,148,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SLG. Wealth Enhancement Advisory Services LLC grew its stake in SL Green Realty by 4.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 3,769 shares of the real estate investment trust's stock valued at $262,000 after acquiring an additional 148 shares in the last quarter. US Bancorp DE boosted its holdings in SL Green Realty by 13.2% in the 3rd quarter. US Bancorp DE now owns 9,419 shares of the real estate investment trust's stock valued at $656,000 after purchasing an additional 1,100 shares during the period. Van ECK Associates Corp grew its position in shares of SL Green Realty by 10.4% during the 3rd quarter. Van ECK Associates Corp now owns 30,788 shares of the real estate investment trust's stock valued at $2,327,000 after purchasing an additional 2,899 shares in the last quarter. Venturi Wealth Management LLC increased its holdings in shares of SL Green Realty by 272.0% in the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 272 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of SL Green Realty by 6.1% in the third quarter. Victory Capital Management Inc. now owns 23,900 shares of the real estate investment trust's stock worth $1,664,000 after buying an additional 1,380 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

Several equities analysts recently commented on SLG shares. Scotiabank reduced their target price on SL Green Realty from $81.00 to $75.00 and set a "sector perform" rating for the company in a research report on Friday, February 28th. Barclays cut their price objective on SL Green Realty from $78.00 to $76.00 and set an "equal weight" rating for the company in a report on Tuesday, January 28th. Mizuho raised their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, January 7th. Compass Point boosted their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 11th. Finally, Jefferies Financial Group reduced their target price on SL Green Realty from $75.00 to $69.00 and set a "hold" rating on the stock in a research note on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, SL Green Realty currently has an average rating of "Hold" and an average price target of $70.67.

Insider Activity at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now directly owns 2,052 shares of the company's stock, valued at approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 5.08% of the stock is owned by corporate insiders.

SL Green Realty Trading Down 3.6 %

Shares of SLG stock traded down $2.22 during trading hours on Monday, reaching $59.74. The company's stock had a trading volume of 926,020 shares, compared to its average volume of 849,154. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. SL Green Realty Corp. has a one year low of $47.22 and a one year high of $82.81. The stock has a market capitalization of $4.26 billion, a P/E ratio of 746.74, a P/E/G ratio of 5.30 and a beta of 1.82. The firm's fifty day simple moving average is $65.02 and its 200 day simple moving average is $69.66.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating the consensus estimate of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. Equities research analysts expect that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a $0.2575 dividend. The ex-dividend date is Friday, February 28th. This represents a $3.09 annualized dividend and a dividend yield of 5.17%. SL Green Realty's payout ratio is currently 3,862.50%.

SL Green Realty Profile

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.