5 Biggest Dividend Cuts and Suspensions of 2022

4. SL Green Realty Corp. (NYSE:SLG)

SL Green Realty Corp. (NYSE:SLG) is an American real estate investment trust company that invests in office buildings and shopping centers. Barclays maintained an Overweight rating on the stock in December with a $47 price target. The firm noted that overall tenant demand has softened and interest rates are up, which can result in earnings headwinds.

In Q3 2022, SL Green Realty Corp. (NYSE:SLG) posted an FFO of $1.66, which surpassed Street estimates by $0.01. The company’s revenue came in at $212.4 million, up 3.5% from the same period last year. It had $201 million available in cash and cash equivalents at the end of September and its total assets stood at $12.7 billion.

On December 5, SL Green Realty Corp. (NYSE:SLG) announced to cut its monthly dividend by 12.9% to $0.2708 per share. The company reduced its dividends to conserve cash as office space is widely affected by the pandemic in 2020. As of December 13, the stock has a dividend yield of 9.01%.

SL Green Realty Corp. (NYSE:SLG) saw growth in hedge fund positions in Q3 2022, as 23 funds tracked by Insider Monkey owned stakes in the company, up from 18 in the previous quarter. These stakes have a total value of nearly $184 million. With 1.3 million shares, Marshall Wace LLP was the company’s leading stakeholder in Q3.