JPMorgan Chase & Co. Reduces Stock Position in SL Green Realty Corp. (NYSE:SLG)

JPMorgan Chase & Co. trimmed its position in SL Green Realty Corp. (NYSE:SLG) by 29.0% in the 4th quarter, HoldingsChannel reports. The firm owned 803,737 shares of the real estate investment trust’s stock after selling 329,060 shares during the quarter. JPMorgan Chase & Co.’s holdings in SL Green Realty were worth $54,590,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of SLG. Point72 DIFC Ltd acquired a new position in SL Green Realty in the 3rd quarter worth approximately $35,000. Jones Financial Companies Lllp purchased a new stake in SL Green Realty in the 4th quarter worth approximately $39,000. Versant Capital Management Inc grew its stake in shares of SL Green Realty by 17.7% during the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 157 shares during the period. Blue Trust Inc. increased 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 purchasing an additional 857 shares in the last quarter. Finally, Game Plan Financial Advisors LLC acquired a new position in shares of SL Green Realty in the 4th quarter valued at $149,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 5.08% of the company’s stock.

Wall Street Analysts Forecast Growth

SLG has been the subject of a number of recent analyst reports. Bank of America cut their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Truist Financial upped their price target on SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a report on Monday, January 27th. Morgan Stanley raised their price objective 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. Compass Point upped their target price on 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, JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $69.87.

SL Green Realty Price Performance

NYSE:SLG opened at $50.59 on Friday. The stock has a 50 day moving average price of $61.66 and a 200 day moving average price of $68.42. The stock has a market cap of $3.61 billion, a PE ratio of 632.38, a P/E/G ratio of 5.30 and a beta of 1.82. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. SL Green Realty Corp. has a one year low of $47.22 and a one year high of $82.81.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Equities research analysts expect that SL Green Realty Corp. will post 5.43 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.2575 dividend. This is a boost from SL Green Realty’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.03 annualized dividend and a dividend yield of 2.04%. SL Green Realty’s dividend payout ratio is 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.