Independent Advisor Alliance Decreases Stock Position in SL Green Realty Corp. (NYSE:SLG)

Independent Advisor Alliance reduced its holdings in shares of SL Green Realty Corp. (NYSE:SLG) by 1.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,010 shares of the real estate investment trust’s stock after selling 301 shares during the quarter. Independent Advisor Alliance’s holdings in SL Green Realty were worth $1,741,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC grew its position in shares of SL Green Realty by 272.0% in the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 272 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in SL Green Realty during the second quarter worth $29,000. Friedenthal Financial acquired a new position in shares of SL Green Realty in the third quarter worth $49,000. Rothschild Investment LLC purchased a new stake in shares of SL Green Realty in the second quarter valued at $55,000. Finally, Blue Trust Inc. boosted its stake in shares of SL Green Realty by 363.2% during the third quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 632 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SLG. JPMorgan Chase & Co. boosted their target price on shares of SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, August 6th. Evercore ISI boosted their price objective 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. Wells Fargo & Company raised their target price on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 11th. Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $44.00 to $66.00 in a research note on Friday, September 13th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, SL Green Realty has an average rating of “Hold” and an average target price of $66.00.

SL Green Realty Stock Performance

SLG stock opened at $78.17 on Wednesday. The stock has a 50-day moving average price of $74.24 and a two-hundred day moving average price of $64.73. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. SL Green Realty Corp. has a 12-month low of $32.78 and a 12-month high of $82.81.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $136.66 million. During the same period last year, the company posted $1.27 EPS. Sell-side analysts expect that SL Green Realty Corp. will post 7.61 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.00 annualized dividend and a dividend yield of 3.84%. SL Green Realty’s payout ratio is -120.00%.

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.