Bank of Montreal Can Reduces Stock Position in SL Green Realty Corp. (NYSE:SLG)

Bank of Montreal Can trimmed its holdings in SL Green Realty Corp. (NYSE:SLG) by 6.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,113 shares of the real estate investment trust’s stock after selling 706 shares during the period. Bank of Montreal Can’s holdings in SL Green Realty were worth $630,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new position in shares of SL Green Realty in the second quarter worth $29,000. Fidelis Capital Partners LLC purchased a new stake in SL Green Realty during the 1st quarter worth about $55,000. Rothschild Investment LLC bought a new position in SL Green Realty in the 2nd quarter worth about $55,000. GAMMA Investing LLC grew its holdings in SL Green Realty by 6.3% during the 1st quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock valued at $182,000 after buying an additional 196 shares in the last quarter. Finally, Meeder Advisory Services Inc. bought a new stake in shares of SL Green Realty during the first quarter valued at about $201,000. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Stock Down 0.7 %

Shares of SL Green Realty stock opened at $66.51 on Wednesday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.59 and a current ratio of 2.59. The company’s 50 day moving average price is $66.24 and its 200-day moving average price is $58.58. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of -8.05, a P/E/G ratio of 1.91 and a beta of 1.83. SL Green Realty Corp. has a 52-week low of $28.55 and a 52-week high of $73.80.

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

SL Green Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date of this dividend is Monday, September 30th. SL Green Realty’s payout ratio is -36.32%.

Wall Street Analysts Forecast Growth

SLG has been the subject of a number of analyst reports. BMO Capital Markets raised their price objective on shares of SL Green Realty from $58.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Evercore ISI upgraded shares of SL Green Realty from an “underperform” rating to an “inline” rating and boosted their price target for the company from $55.00 to $66.00 in a research report on Monday, September 16th. The Goldman Sachs Group increased their price objective on SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Piper Sandler boosted their target price on SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and raised their price target for the company from $44.00 to $66.00 in a report on Friday, September 13th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and a consensus target price of $59.64.

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.