M&T Bank Corp Sells 321 Shares of SL Green Realty Corp. (NYSE:SLG)

M&T Bank Corp cut its holdings in shares of SL Green Realty Corp. (NYSE:SLG) by 5.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,504 shares of the real estate investment trust’s stock after selling 321 shares during the quarter. M&T Bank Corp’s holdings in SL Green Realty were worth $383,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SLG. Rosenberg Matthew Hamilton raised its stake in SL Green Realty by 6.6% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock valued at $161,000 after purchasing an additional 144 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in SL Green Realty by 4.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 3,769 shares of the real estate investment trust’s stock valued at $262,000 after buying an additional 148 shares in the last quarter. MML Investors Services LLC raised its position in shares of SL Green Realty by 2.7% during the third quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 161 shares during the last quarter. Xponance Inc. lifted its holdings in shares of SL Green Realty by 6.6% in the second quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock worth $240,000 after buying an additional 262 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of SL Green Realty by 272.0% during the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 272 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on SLG shares. BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 price target (up from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Compass Point boosted their target price on SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Wells Fargo & Company increased their price target on 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. raised SL Green Realty from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $51.00 to $80.00 in a report on Tuesday, December 10th. Finally, Piper Sandler reissued an “overweight” rating and issued a $90.00 target price (up from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $68.67.

SL Green Realty Stock Performance

Shares of NYSE:SLG opened at $69.05 on Thursday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of -27.62, a PEG ratio of 4.26 and a beta of 1.81. SL Green Realty Corp. has a 12 month low of $41.81 and a 12 month high of $82.81. The firm’s 50-day moving average is $75.96 and its 200 day moving average is $67.20.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The business had revenue of $229.69 million during the quarter, compared to analysts’ expectations of $136.66 million. During the same quarter in the previous year, the company posted $1.27 earnings per share. Research analysts predict that SL Green Realty Corp. will post 7.82 EPS for the current year.

SL Green Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.2575 per share. This is a positive change from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date is Tuesday, December 31st. SL Green Realty’s payout ratio is currently -123.60%.

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.