OVERSEA CHINESE BANKING Corp Ltd Sells 49,883 Shares of SL Green Realty Corp. (NYSE:SLG)

OVERSEA CHINESE BANKING Corp Ltd lessened its stake in shares of SL Green Realty Corp. (NYSE:SLG - Free Report) by 63.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,134 shares of the real estate investment trust's stock after selling 49,883 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in SL Green Realty were worth $2,028,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Venturi Wealth Management LLC grew its position in SL Green Realty by 272.0% during the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust's stock worth $26,000 after buying an additional 272 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of SL Green Realty during the 2nd quarter valued at about $29,000. Friedenthal Financial purchased a new position in shares of SL Green Realty during the third quarter worth about $49,000. Rothschild Investment LLC bought a new position in shares of SL Green Realty in the second quarter worth approximately $55,000. Finally, Blue Trust Inc. lifted its position in SL Green Realty by 363.2% during the third quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust's stock valued at $56,000 after purchasing an additional 632 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SLG shares. Wells Fargo & Company increased their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an "equal weight" rating in a report on Wednesday, September 11th. BMO Capital Markets restated an "outperform" rating and set a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Bank of America upped their price objective on SL Green Realty from $59.00 to $62.00 and gave the stock a "neutral" rating in a report on Thursday, August 22nd. Truist Financial raised their price objective on SL Green Realty from $47.00 to $55.00 and gave the company a "hold" rating in a report on Friday, July 19th. Finally, Piper Sandler restated an "overweight" rating and issued a $90.00 target price (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $65.57.

SL Green Realty Trading Down 0.9 %

SLG traded down $0.66 during trading on Wednesday, hitting $76.32. 716,839 shares of the stock traded hands, compared to its average volume of 968,010. The firm has a market capitalization of $5.03 billion, a P/E ratio of -30.41, a price-to-earnings-growth ratio of 2.03 and a beta of 1.82. SL Green Realty Corp. has a 12-month low of $32.03 and a 12-month high of $82.81. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a 50-day moving average of $71.98 and a 200 day moving average of $62.89.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.21 by ($1.42). The business had revenue of $229.69 million for the quarter, compared to analysts' expectations 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 quarter in the prior year, the firm earned $1.27 EPS. Equities research analysts anticipate that SL Green Realty Corp. will post 7.61 EPS for the current year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend is Thursday, October 31st. SL Green Realty's dividend payout ratio (DPR) is currently -120.00%.

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.