Fifth Third Bancorp Sells 216 Shares of SL Green Realty Corp. (NYSE:SLG)

Fifth Third Bancorp reduced its stake in SL Green Realty Corp. (NYSE:SLG) by 18.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 951 shares of the real estate investment trust’s stock after selling 216 shares during the quarter. Fifth Third Bancorp’s holdings in SL Green Realty were worth $54,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of SL Green Realty by 0.6% in the first quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock worth $572,524,000 after buying an additional 60,032 shares during the last quarter. Wellington Management Group LLP boosted its holdings in SL Green Realty by 7.6% during the fourth quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock valued at $50,363,000 after acquiring an additional 78,322 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of SL Green Realty by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,024,383 shares of the real estate investment trust’s stock valued at $46,271,000 after purchasing an additional 30,289 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of SL Green Realty by 24.7% in the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock worth $44,067,000 after purchasing an additional 158,268 shares during the period. Finally, Norges Bank acquired a new position in shares of SL Green Realty during the 4th quarter worth about $18,664,000. Institutional investors own 89.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SLG. Scotiabank raised their target price on SL Green Realty from $53.00 to $68.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Truist Financial raised their price objective on shares of SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. BMO Capital Markets upped their target price on shares of SL Green Realty from $58.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group upped their price objective on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Finally, Barclays lifted their target price on SL Green Realty from $49.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Six research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $53.31.

SL Green Realty Price Performance

SL Green Realty stock opened at $65.75 on Tuesday. The business has a 50 day simple moving average of $60.76 and a 200 day simple moving average of $54.44. SL Green Realty Corp. has a one year low of $28.55 and a one year high of $68.92. The company has a market capitalization of $4.33 billion, a PE ratio of -7.96, a price-to-earnings-growth ratio of 2.03 and a beta of 1.83. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.09. The business had revenue of $222.82 million for the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The firm’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.43 EPS. On average, sell-side analysts forecast that SL Green Realty Corp. will post 7.58 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.56%. The ex-dividend date is Friday, August 30th. SL Green Realty’s payout ratio is currently -36.32%.

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.