Adelante Capital Management LLC bought a new stake in SL Green Realty Corporation (NYSE:SLG - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 106,160 shares of the real estate investment trust's stock, valued at approximately $5,496,000. Adelante Capital Management LLC owned about 0.15% of SL Green Realty at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in SL Green Realty during the second quarter worth $706,881,000. State Street Corp boosted its position in SL Green Realty by 1.0% during the second quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust's stock worth $264,636,000 after purchasing an additional 41,873 shares in the last quarter. Alyeska Investment Group L.P. raised its stake in shares of SL Green Realty by 25.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 3,041,226 shares of the real estate investment trust's stock worth $139,501,000 after buying an additional 617,488 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in SL Green Realty by 62.0% in 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 during the last quarter. Finally, Cohen & Steers Inc. acquired a new stake in SL Green Realty in the 4th quarter valued at about $121,675,000. Hedge funds and other institutional investors own 89.96% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have commented on SLG. LADENBURG THALM/SH SH increased their target price on SL Green Realty from $42.00 to $46.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Morgan Stanley set a $52.00 target price on shares of SL Green Realty and gave the company an "equal weight" rating in a research note on Wednesday, July 22nd. Piper Sandler set a $79.00 target price on shares of SL Green Realty and gave the company an "overweight" rating in a report on Friday, July 24th. UBS Group set a $60.00 price target on shares of SL Green Realty in a research note on Monday, July 27th. Finally, Scotiabank boosted their price objective on shares of SL Green Realty from $56.00 to $60.00 and gave the company a "sector outperform" rating in a research report on Wednesday, August 5th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $56.20.
Get Our Latest Report on SLG
SL Green Realty Price Performance
Shares of SLG stock opened at $58.83 on Thursday. The firm has a fifty day simple moving average of $53.28 and a 200-day simple moving average of $45.69. The company has a market capitalization of $4.19 billion, a PE ratio of -21.55, a price-to-earnings-growth ratio of 2.63 and a beta of 1.58. SL Green Realty Corporation has a twelve month low of $34.77 and a twelve month high of $66.29. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05.
SL Green Realty (NYSE:SLG - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.21. The business had revenue of $264.00 million for the quarter, compared to analysts' expectations of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The company's quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.63 earnings per share. Equities research analysts anticipate 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 declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Tuesday, June 30th. SL Green Realty's dividend payout ratio is currently -90.48%.
Insider Activity
In other news, insider Harrison Sitomer sold 23,113 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the completion of the sale, the insider owned 109,468 shares in the company, valued at $6,317,398.28. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 5.94% of the stock is owned by company insiders.
SL Green Realty Profile
(
Free Report)
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.
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