Sumitomo Mitsui Trust Group Inc. Reduces Position in SL Green Realty Corporation (NYSE:SLG)

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of SL Green Realty Corporation (NYSE:SLG) by 0.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 76,000 shares of the real estate investment trust’s stock after selling 367 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in SL Green Realty were worth $4,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Walleye Capital LLC purchased a new stake in SL Green Realty during the 4th quarter valued at about $857,000. Charles Schwab Investment Management Inc. boosted its position in SL Green Realty by 12.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,428,008 shares of the real estate investment trust’s stock valued at $96,990,000 after buying an additional 159,870 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in SL Green Realty in the fourth quarter valued at approximately $1,832,000. Thrivent Financial for Lutherans boosted its position in SL Green Realty by 13.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 57,780 shares of the real estate investment trust’s stock valued at $3,924,000 after buying an additional 6,882 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in SL Green Realty by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock valued at $735,594,000 after buying an additional 564,822 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Stock Performance

SLG opened at $61.83 on Friday. The company has a market cap of $4.41 billion, a price-to-earnings ratio of -147.20 and a beta of 1.65. SL Green Realty Corporation has a 52-week low of $45.15 and a 52-week high of $82.81. The firm’s fifty day simple moving average is $59.49 and its two-hundred day simple moving average is $60.63. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 0.99.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.13. The business had revenue of $144.52 million for the quarter, compared to the consensus estimate of $158.44 million. SL Green Realty had a negative return on equity of 0.98% and a negative net margin of 1.30%. Equities analysts anticipate that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.2575 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.03 dividend on an annualized basis and a yield of 1.67%. SL Green Realty’s payout ratio is currently -735.71%.

Analyst Ratings Changes

SLG has been the topic of several recent research reports. Evercore ISI raised shares of SL Green Realty from an “in-line” rating to an “outperform” rating and dropped their price objective for the company from $74.00 to $73.00 in a report on Monday, March 17th. Piper Sandler lowered their price target on shares of SL Green Realty from $90.00 to $72.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Barclays lowered their price target on shares of SL Green Realty from $76.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 30th. Wells Fargo & Company lowered their target price on SL Green Realty from $69.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Monday, May 19th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of SL Green Realty in a research report on Friday, May 23rd. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $66.33.

About SL Green Realty

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.