Mirae Asset Global Investments Co. Ltd. Sells 706 Shares of SL Green Realty Corp. (NYSE:SLG)

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of SL Green Realty Corp. (NYSE:SLG) by 27.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,859 shares of the real estate investment trust’s stock after selling 706 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in SL Green Realty were worth $123,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Rosenberg Matthew Hamilton lifted its holdings in shares of SL Green Realty by 6.6% in the third quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock worth $161,000 after acquiring an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in SL Green Realty by 4.1% in 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 purchasing an additional 148 shares during the last quarter. Versant Capital Management Inc boosted its position in SL Green Realty by 17.7% in the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 157 shares in the last quarter. MML Investors Services LLC boosted its position in SL Green Realty by 2.7% in 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 in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of SL Green Realty by 5.1% during the fourth quarter. GAMMA Investing LLC now owns 4,192 shares of the real estate investment trust’s stock worth $285,000 after buying an additional 203 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SLG has been the topic of a number of research reports. Piper Sandler restated an “overweight” rating and set a $90.00 price objective (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Jefferies Financial Group lowered their price objective on SL Green Realty from $75.00 to $69.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th. Evercore ISI upped their price target on shares of SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. Finally, Wells Fargo & Company cut their price target on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $71.07.

Insider Buying and Selling

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the sale, the director now owns 2,052 shares in the company, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.08% of the stock is owned by company insiders.

SL Green Realty Price Performance

Shares of SLG opened at $64.61 on Friday. The firm has a market cap of $4.26 billion, a PE ratio of 807.56, a price-to-earnings-growth ratio of 5.49 and a beta of 1.82. SL Green Realty Corp. has a 52-week low of $43.69 and a 52-week high of $82.81. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 3.21. The business’s 50 day moving average price is $67.44 and its two-hundred day moving average price is $69.55.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. On average, equities analysts anticipate that SL Green Realty Corp. will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, February 18th. Investors of record on Friday, January 31st will be given a $0.2575 dividend. This represents a $3.09 dividend on an annualized basis and a yield of 4.78%. The ex-dividend date of this dividend is Friday, January 31st. SL Green Realty’s payout ratio is 3,862.50%.

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.