JPMorgan Chase & Co. Sells 329,060 Shares of SL Green Realty Corp. (NYSE:SLG)

JPMorgan Chase & Co. trimmed its holdings in SL Green Realty Corp. (NYSE:SLG - Free Report) by 29.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 803,737 shares of the real estate investment trust's stock after selling 329,060 shares during the quarter. JPMorgan Chase & Co. owned about 1.22% of SL Green Realty worth $54,590,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new stake in shares of SL Green Realty in the third quarter valued at approximately $35,000. Jones Financial Companies Lllp acquired a new stake in SL Green Realty in the 4th quarter worth about $39,000. Versant Capital Management Inc lifted its stake in shares of SL Green Realty by 17.7% in the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust's stock valued at $71,000 after purchasing an additional 157 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of SL Green Realty by 106.3% during the 4th quarter. Blue Trust Inc. now owns 1,663 shares of the real estate investment trust's stock valued at $116,000 after buying an additional 857 shares during the period. Finally, Game Plan Financial Advisors LLC acquired a new stake in shares of SL Green Realty during the 4th quarter valued at approximately $149,000. 89.96% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now owns 2,052 shares of the company's stock, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.08% of the company's stock.

Wall Street Analyst Weigh In

SLG has been the subject of several recent analyst reports. Scotiabank decreased their price target on SL Green Realty from $81.00 to $75.00 and set a "sector perform" rating for the company in a research note on Friday, February 28th. Morgan Stanley raised their target price on SL Green Realty from $52.00 to $55.00 and gave the company an "equal weight" rating in a report on Wednesday, March 12th. Wells Fargo & Company reduced their price objective on SL Green Realty from $76.00 to $69.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Jefferies Financial Group began coverage on SL Green Realty in a research report on Monday, March 17th. They set a "hold" rating and a $58.00 target price for the company. Finally, Evercore ISI upgraded SL Green Realty from an "in-line" rating to an "outperform" rating and cut their price objective for the company from $74.00 to $73.00 in a research report on Monday, March 17th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $69.87.

SL Green Realty Stock Performance

Shares of SL Green Realty stock traded down $3.41 on Thursday, hitting $48.65. The stock had a trading volume of 191,379 shares, compared to its average volume of 864,477. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 608.13, a price-to-earnings-growth ratio of 5.30 and a beta of 1.61. SL Green Realty Corp. has a twelve month low of $45.15 and a twelve month high of $82.81. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. The business's 50 day moving average is $60.09 and its two-hundred day moving average is $67.68.

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

SL Green Realty Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.2575 per share. This is an increase from SL Green Realty's previous quarterly dividend of $0.25. This represents a $1.03 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Monday, March 31st. SL Green Realty's dividend payout ratio (DPR) is presently 3,862.50%.

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.