13,654,257 Shares in SL Green Realty Corporation $SLG Bought by BlackRock Inc.

Key Points

• BlackRock acquired 13.65 million shares of SL Green Realty in the second quarter, worth approximately $706.9 million and representing a 19.12% ownership stake.
• Institutional investors and hedge funds collectively own nearly 90% of SL Green Realty, with Goldman Sachs and Victory Capital also significantly increasing their positions.
• SL Green reported quarterly revenue of $264 million, up 16.5% year over year, and beat EPS expectations; analysts maintain a consensus “Hold” rating with an average price target of $55.15.

BlackRock Inc. purchased a new stake in SL Green Realty Corporation (NYSE:SLG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,654,257 shares of the real estate investment trust's stock, valued at approximately $706,881,000. BlackRock Inc. owned 19.12% of SL Green Realty at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of SLG. Cohen & Steers Inc. bought a new stake in shares of SL Green Realty during the 4th quarter valued at about $121,675,000. Deutsche Bank AG purchased a new stake in shares of SL Green Realty in the second quarter worth approximately $58,202,000. Goldman Sachs Group Inc. lifted its stake in SL Green Realty by 62.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust's stock valued at $133,862,000 after acquiring an additional 1,117,357 shares in the last quarter. Norges Bank bought a new position in shares of SL Green Realty during the fourth quarter valued at about $44,094,000. Finally, Victory Capital Management Inc. boosted its stake in shares of SL Green Realty by 535.3% in the 4th quarter. Victory Capital Management Inc. now owns 1,107,618 shares of the real estate investment trust's stock worth $50,806,000 after buying an additional 933,272 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company's stock.

SL Green Realty Stock Performance

SL Green Realty stock opened at $57.55 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. SL Green Realty Corporation has a fifty-two week low of $34.77 and a fifty-two week high of $66.29. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of -21.08, a PEG ratio of 2.52 and a beta of 1.58. The stock's 50 day simple moving average is $52.76 and its two-hundred day simple moving average is $45.32.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.59) by $0.21. The business had revenue of $264.00 million during the quarter, compared to the consensus estimate of $179.01 million. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The firm's quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.63 earnings per share. As a group, analysts expect that SL Green Realty Corporation will post 5.44 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.6175 per share. This represents a $2.47 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Tuesday, June 30th. SL Green Realty's dividend payout ratio (DPR) is -90.48%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on SLG shares. LADENBURG THALM/SH SH raised their price objective on shares of SL Green Realty from $42.00 to $46.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. Wells Fargo & Company raised their price objective on shares of SL Green Realty from $40.00 to $44.00 and gave the company an "equal weight" rating in a research report on Monday, June 1st. Weiss Ratings raised shares of SL Green Realty from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, May 28th. Morgan Stanley set a $52.00 price target on shares of SL Green Realty and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Finally, Mizuho lifted their price objective on SL Green Realty from $38.00 to $46.00 and gave the stock a "neutral" rating in a report on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $55.15.

SL Green Realty Company Profile

SL Green Realty Corp. NYSE: SLG is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City's largest office landlords, the company's portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source