State of New Jersey Common Pension Fund D Sells 7,775 Shares of SL Green Realty Corp. (NYSE:SLG)

State of New Jersey Common Pension Fund D lowered its position in shares of SL Green Realty Corp. (NYSE:SLG) by 20.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,173 shares of the real estate investment trust’s stock after selling 7,775 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in SL Green Realty were worth $2,100,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in SL Green Realty by 0.6% during 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 purchasing an additional 60,032 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of SL Green Realty by 9.7% in 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 acquiring an additional 88,309 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 valued at $45,906,000 after acquiring an additional 14,167 shares during the period. Federated Hermes Inc. grew 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 worth $24,576,000 after purchasing an additional 32,985 shares during the period. Finally, Rhumbline Advisers increased its stake in SL Green Realty by 1.4% in the second quarter. Rhumbline Advisers now owns 234,858 shares of the real estate investment trust’s stock valued at $13,302,000 after purchasing an additional 3,255 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

SL Green Realty Stock Performance

Shares of SLG opened at $75.64 on Friday. The stock has a 50 day moving average of $72.46 and a 200 day moving average of $63.07. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of -30.55, a PEG ratio of 2.01 and a beta of 1.82. SL Green Realty Corp. has a 12 month low of $32.78 and a 12 month high of $82.81. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The business had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same quarter in the previous year, the firm earned $1.27 earnings per share. As a group, sell-side analysts forecast that SL Green Realty Corp. will post 7.61 earnings per share for the current year.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 3.97%. SL Green Realty’s payout ratio is currently -120.00%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SLG shares. Compass Point set a $65.00 price objective on shares of SL Green Realty and gave the stock a “neutral” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. raised their price objective on SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, August 6th. Truist Financial upped their target price on SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. The Goldman Sachs Group boosted their price target on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Finally, Morgan Stanley raised their price objective on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 9th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $65.57.

SL Green Realty 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.