State of New Jersey Common Pension Fund D Trims Stake in SL Green Realty Corp. (NYSE:SLG)

State of New Jersey Common Pension Fund D trimmed its position in SL Green Realty Corp. (NYSE:SLG) by 10.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,051 shares of the real estate investment trust’s stock after selling 3,122 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in SL Green Realty were worth $1,837,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP lifted its stake in SL Green Realty by 50.5% in the third quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock worth $202,777,000 after acquiring an additional 977,321 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of SL Green Realty by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,268,138 shares of the real estate investment trust’s stock valued at $88,275,000 after purchasing an additional 97,653 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of SL Green Realty by 396.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,170 shares of the real estate investment trust’s stock worth $31,058,000 after purchasing an additional 356,275 shares during the period. Point72 Asset Management L.P. bought a new position in shares of SL Green Realty during the third quarter valued at approximately $18,811,000. Finally, Rhumbline Advisers increased its holdings in SL Green Realty by 3.6% during the fourth quarter. Rhumbline Advisers now owns 232,336 shares of the real estate investment trust’s stock valued at $15,780,000 after buying an additional 8,003 shares during the period. Institutional investors own 89.96% of the company’s stock.

Insider Activity

In other news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now owns 2,052 shares in the company, valued at $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.08% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on SLG shares. Mizuho upped their target price on SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Wells Fargo & Company dropped their price objective on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Scotiabank boosted their target price on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a report on Tuesday, December 10th. Bank of America lowered their price target on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Finally, Truist Financial boosted their price objective on shares of SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and an average target price of $71.07.

SL Green Realty Price Performance

NYSE SLG opened at $64.16 on Wednesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The stock’s fifty day moving average price is $66.02 and its 200 day moving average price is $69.67. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 801.95, a PEG ratio of 5.30 and a beta of 1.82. SL Green Realty Corp. has a 1 year low of $45.94 and a 1 year high of $82.81.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. As a group, equities research analysts forecast that SL Green Realty Corp. will post 5.43 earnings per share for the current year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.2575 per share. This represents a $3.09 annualized dividend and a yield of 4.82%. The ex-dividend date of this dividend is Friday, February 28th. 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.