Cyndeo Wealth Partners LLC Reduces Stock Position in SL Green Realty Corp. (NYSE:SLG)

Cyndeo Wealth Partners LLC cut its stake in SL Green Realty Corp. (NYSE:SLG) by 14.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100,553 shares of the real estate investment trust’s stock after selling 16,464 shares during the period. Cyndeo Wealth Partners LLC owned approximately 0.15% of SL Green Realty worth $6,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Wellington Management Group LLP grew its position in shares of SL Green Realty by 7.6% in the fourth quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock valued at $50,363,000 after purchasing an additional 78,322 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of SL Green Realty by 479.1% in the first quarter. Daiwa Securities Group Inc. now owns 113,028 shares of the real estate investment trust’s stock valued at $6,231,000 after purchasing an additional 93,511 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of SL Green Realty by 12.0% in the first quarter. Janney Montgomery Scott LLC now owns 124,978 shares of the real estate investment trust’s stock valued at $6,890,000 after purchasing an additional 13,412 shares in the last quarter. UniSuper Management Pty Ltd grew its position in shares of SL Green Realty by 82.0% in the first quarter. UniSuper Management Pty Ltd now owns 33,229 shares of the real estate investment trust’s stock valued at $1,832,000 after purchasing an additional 14,975 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of SL Green Realty by 24.7% in the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after purchasing an additional 158,268 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Stock Performance

Shares of SLG stock opened at $78.77 on Friday. The stock’s 50-day moving average is $67.57 and its two-hundred day moving average is $59.66. The firm has a market cap of $5.19 billion, a price-to-earnings ratio of -9.54, a PEG ratio of 1.94 and a beta of 1.83. SL Green Realty Corp. has a 1 year low of $28.55 and a 1 year high of $79.08. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.59 and a current ratio of 2.59.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). The firm had revenue of $229.69 million for the quarter, compared to analysts’ expectations of $136.66 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. During the same period in the previous year, the business posted $1.27 EPS. Analysts predict that SL Green Realty Corp. will post 7.61 earnings per share for the current year.

SL Green Realty Dividend Announcement

The business also recently declared a monthly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date was Monday, September 30th. SL Green Realty’s dividend payout ratio is currently -36.32%.

Analyst Ratings Changes

Several brokerages recently weighed in on SLG. Evercore ISI upgraded SL Green Realty from an “underperform” rating to an “inline” rating and increased their price objective for the stock from $55.00 to $66.00 in a research report on Monday, September 16th. Barclays increased their price objective on SL Green Realty from $58.00 to $66.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. Compass Point set a $65.00 price objective on SL Green Realty and gave the stock a “neutral” rating in a research report on Friday. Wells Fargo & Company increased their price objective on 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. Finally, JPMorgan Chase & Co. increased their price objective on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $60.79.

SL Green Realty Company 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.