Federated Hermes Inc. Trims Stock Position in SL Green Realty Corp. (NYSE:SLG)

Federated Hermes Inc. trimmed its position in SL Green Realty Corp. (NYSE:SLG - Free Report) by 4.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 377,307 shares of the real estate investment trust's stock after selling 18,572 shares during the quarter. Federated Hermes Inc. owned about 0.59% of SL Green Realty worth $17,043,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Phocas Financial Corp. purchased a new position in shares of SL Green Realty in the fourth quarter worth about $3,425,000. Wellington Management Group LLP acquired a new stake in SL Green Realty during the third quarter worth about $38,666,000. Cyndeo Wealth Partners LLC acquired a new stake in SL Green Realty during the fourth quarter worth about $4,593,000. Raymond James Financial Services Advisors Inc. acquired a new stake in SL Green Realty during the fourth quarter worth about $491,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in SL Green Realty by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 994,094 shares of the real estate investment trust's stock worth $37,080,000 after acquiring an additional 26,465 shares during the period. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the transaction, the director now owns 6,886 shares in the company, valued at $325,363.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction on Friday, January 26th. The shares were sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the sale, the director now owns 6,886 shares in the company, valued at approximately $325,363.50. The disclosure for this sale can be found here. Company insiders own 5.60% of the company's stock.

SL Green Realty Price Performance

Shares of NYSE SLG traded up $1.66 during midday trading on Tuesday, hitting $52.45. The stock had a trading volume of 874,005 shares, compared to its average volume of 1,313,409. The company has a market capitalization of $3.40 billion, a PE ratio of -6.35, a P/E/G ratio of 1.34 and a beta of 1.71. The stock has a 50 day simple moving average of $50.23 and a 200-day simple moving average of $43.54. SL Green Realty Corp. has a 1 year low of $20.51 and a 1 year high of $55.75. The company has a quick ratio of 2.23, a current ratio of 2.96 and a debt-to-equity ratio of 1.01.

SL Green Realty Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a $0.25 dividend. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.72%. SL Green Realty's dividend payout ratio (DPR) is presently -36.32%.

Analyst Ratings Changes

SLG has been the topic of several analyst reports. Piper Sandler reaffirmed an "overweight" rating and set a $58.00 target price on shares of SL Green Realty in a report on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft initiated coverage on SL Green Realty in a report on Tuesday, January 30th. They set a "hold" rating and a $50.00 target price on the stock. Truist Financial lowered SL Green Realty from a "buy" rating to a "hold" rating and raised their target price for the stock from $44.00 to $47.00 in a report on Tuesday, January 16th. BMO Capital Markets raised SL Green Realty from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $56.00 to $58.00 in a report on Thursday, April 18th. Finally, Barclays raised SL Green Realty from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $35.00 to $48.00 in a report on Wednesday, March 27th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, SL Green Realty presently has an average rating of "Hold" and an average target price of $47.25.

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.