SL Green Realty Corp. (NYSE:SLG) Position Cut by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its position in SL Green Realty Corp. (NYSE:SLG - Free Report) by 5.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,132,797 shares of the real estate investment trust's stock after selling 63,254 shares during the quarter. JPMorgan Chase & Co. owned 1.72% of SL Green Realty worth $78,854,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in SLG. Edgestream Partners L.P. lifted its stake in shares of SL Green Realty by 40.1% in the 2nd quarter. Edgestream Partners L.P. now owns 122,880 shares of the real estate investment trust's stock valued at $6,960,000 after purchasing an additional 35,178 shares in the last quarter. Waterfall Asset Management LLC purchased a new position in SL Green Realty in the second quarter valued at approximately $3,172,000. FMR LLC lifted its position in SL Green Realty by 69.1% during the third quarter. FMR LLC now owns 58,185 shares of the real estate investment trust's stock valued at $4,050,000 after buying an additional 23,780 shares in the last quarter. Weiss Asset Management LP purchased a new stake in SL Green Realty during the third quarter worth approximately $771,000. Finally, Citigroup Inc. increased its position in shares of SL Green Realty by 54.6% in the third quarter. Citigroup Inc. now owns 85,587 shares of the real estate investment trust's stock worth $5,958,000 after acquiring an additional 30,220 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

SL Green Realty Stock Down 0.4 %

NYSE SLG traded down $0.30 on Friday, hitting $68.08. 816,115 shares of the stock traded hands, compared to its average volume of 778,458. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06. The stock has a 50-day moving average of $74.46 and a 200 day moving average of $68.20. SL Green Realty Corp. has a twelve month low of $41.81 and a twelve month high of $82.81. The company has a market capitalization of $4.49 billion, a P/E ratio of -27.23, a price-to-earnings-growth ratio of 4.26 and a beta of 1.82.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). The firm had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same period in the prior year, the company posted $1.27 earnings per share. As a group, analysts expect that SL Green Realty Corp. will post 7.82 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.2575 dividend. The ex-dividend date is Tuesday, December 31st. This is a positive change from SL Green Realty's previous monthly dividend of $0.25. This represents a $3.09 annualized dividend and a dividend yield of 4.54%. SL Green Realty's payout ratio is -123.60%.

Analyst Upgrades and Downgrades

SLG has been the subject of a number of research reports. Piper Sandler reaffirmed an "overweight" rating and set a $90.00 price target (up from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Citigroup raised SL Green Realty from a "sell" rating to a "neutral" rating and upped their target price for the stock from $44.00 to $66.00 in a research report on Friday, September 13th. JPMorgan Chase & Co. upgraded SL Green Realty from an "underweight" rating to a "neutral" rating and raised their target price for the company from $51.00 to $80.00 in a report on Tuesday, December 10th. Wells Fargo & Company boosted their price target on SL Green Realty from $43.00 to $63.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 11th. Finally, Barclays increased their price objective on shares of SL Green Realty from $66.00 to $78.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $68.47.

SL Green Realty Company 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.