Sequoia Financial Advisors LLC Reduces Stock Holdings in SL Green Realty Corporation $SLG

Sequoia Financial Advisors LLC reduced its stake in SL Green Realty Corporation (NYSE:SLG) by 6.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,959 shares of the real estate investment trust’s stock after selling 857 shares during the period. Sequoia Financial Advisors LLC’s holdings in SL Green Realty were worth $802,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SLG. Fourth Dimension Wealth LLC increased its stake in SL Green Realty by 54.5% in the first quarter. Fourth Dimension Wealth LLC now owns 1,700 shares of the real estate investment trust’s stock valued at $98,000 after purchasing an additional 600 shares during the last quarter. State of Wyoming purchased a new position in SL Green Realty in the first quarter valued at approximately $172,000. KBC Group NV increased its stake in SL Green Realty by 20.9% in the first quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust’s stock valued at $193,000 after purchasing an additional 577 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in SL Green Realty by 13.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,889 shares of the real estate investment trust’s stock valued at $224,000 after purchasing an additional 466 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in SL Green Realty in the second quarter valued at approximately $225,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SLG has been the topic of several recent analyst reports. Truist Financial increased their price target on shares of SL Green Realty from $54.00 to $58.00 and gave the company a “hold” rating in a research note on Friday, July 18th. Bank of America lowered their target price on shares of SL Green Realty from $64.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday. JPMorgan Chase & Co. raised their target price on shares of SL Green Realty from $69.00 to $71.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. LADENBURG THALM/SH SH initiated coverage on shares of SL Green Realty in a research report on Monday, October 13th. They set a “neutral” rating and a $63.00 target price on the stock. Finally, New Street Research set a $72.00 target price on shares of SL Green Realty in a research report on Thursday, October 9th. Six equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $67.19.

SL Green Realty Stock Performance

Shares of SLG opened at $52.45 on Friday. The company’s 50 day simple moving average is $58.31 and its 200-day simple moving average is $58.03. SL Green Realty Corporation has a 12-month low of $45.15 and a 12-month high of $82.81. The company has a current ratio of 3.22, a quick ratio of 2.72 and a debt-to-equity ratio of 1.04. The firm has a market cap of $3.74 billion, a PE ratio of 5,250.35 and a beta of 1.77.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 15th. The real estate investment trust reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The firm had revenue of $149.67 million for the quarter, compared to analyst estimates of $170.27 million. During the same period last year, the firm posted $1.26 EPS. SL Green Realty’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities analysts predict that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be issued a $0.2575 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a c) dividend on an annualized basis and a yield of 5.9%. SL Green Realty’s dividend payout ratio (DPR) is 30,900.00%.

Insider Buying and Selling

In other SL Green Realty news, Director Carol N. Brown sold 937 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.04% of the company’s stock.

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.