Fifth Third Bancorp Sells 216 Shares of SL Green Realty Corp. (NYSE:SLG)

Fifth Third Bancorp decreased its holdings in shares of SL Green Realty Corp. (NYSE:SLG) by 18.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 951 shares of the real estate investment trust’s stock after selling 216 shares during the quarter. Fifth Third Bancorp’s holdings in SL Green Realty were worth $54,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Fidelis Capital Partners LLC acquired a new position in shares of SL Green Realty in the first quarter valued at approximately $55,000. GAMMA Investing LLC grew its holdings in SL Green Realty by 6.3% in 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. Meeder Advisory Services Inc. acquired a new position in SL Green Realty in the 1st quarter valued at $201,000. Virtu Financial LLC bought a new position in SL Green Realty during the 1st quarter worth $237,000. Finally, Mackenzie Financial Corp acquired a new stake in shares of SL Green Realty during the fourth quarter worth $206,000. 89.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Truist Financial upped their price target on shares of SL Green Realty from $47.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Barclays raised their target price on shares of SL Green Realty from $49.00 to $58.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Piper Sandler boosted their price target on SL Green Realty from $58.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. The Goldman Sachs Group raised their price objective on SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Finally, StockNews.com upgraded SL Green Realty to a “sell” rating in a research report on Friday, July 19th. Six analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $53.31.

SL Green Realty Price Performance

SL Green Realty stock opened at $65.75 on Tuesday. 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 Corp. has a 52 week low of $28.55 and a 52 week high of $68.92. The stock has a market capitalization of $4.33 billion, a P/E ratio of -7.96, a price-to-earnings-growth ratio of 2.03 and a beta of 1.83. The stock has a fifty day moving average of $60.76 and a 200-day moving average of $54.44.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. The firm had revenue of $222.82 million for the quarter, compared to analysts’ expectations of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The business’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.43 earnings per share. On average, sell-side analysts expect that SL Green Realty Corp. will post 7.58 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 4.56%. The ex-dividend date is Friday, August 30th. SL Green Realty’s payout ratio is -36.32%.

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.