Heitman Real Estate Securities LLC Sells 413,851 Shares of SL Green Realty Corp. (NYSE:SLG)

Heitman Real Estate Securities LLC reduced its stake in SL Green Realty Corp. (NYSE:SLG) by 72.7% during the third quarter, HoldingsChannel.com reports. The fund owned 155,281 shares of the real estate investment trust’s stock after selling 413,851 shares during the quarter. Heitman Real Estate Securities LLC’s holdings in SL Green Realty were worth $10,809,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of SL Green Realty by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock worth $88,275,000 after purchasing an additional 97,653 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of SL Green Realty by 9.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock valued at $56,350,000 after purchasing an additional 88,309 shares during the last quarter. Bank of New York Mellon Corp grew its position in SL Green Realty by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock worth $45,906,000 after purchasing an additional 14,167 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of SL Green Realty by 396.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust’s stock worth $31,058,000 after purchasing an additional 356,275 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in SL Green Realty by 8.2% in the second quarter. Federated Hermes Inc. now owns 433,896 shares of the real estate investment trust’s stock valued at $24,576,000 after purchasing an additional 32,985 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

SL Green Realty Trading Down 3.2 %

Shares of SLG opened at $75.72 on Tuesday. SL Green Realty Corp. has a 12-month low of $39.66 and a 12-month high of $82.81. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The company has a 50-day moving average of $74.71 and a two-hundred day moving average of $65.41.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). The business had revenue of $229.69 million during 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 last year, the firm earned $1.27 EPS. As a group, equities research analysts expect that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend is Friday, November 29th. SL Green Realty’s dividend payout ratio is presently -120.00%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on SLG shares. BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 target price (up previously from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Wells Fargo & Company increased their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 11th. JPMorgan Chase & Co. increased their target price on shares of SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 6th. Bank of America boosted their price objective on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Finally, Jefferies Financial Group upped their target price on shares of SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday, November 22nd. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $66.00.

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.