Bank of America Corp DE Buys Shares of 481,648 SL Green Realty Corporation $SLG

Key Points

• Bank of America acquired 481,648 shares of SL Green Realty during the second quarter, worth approximately $24.9 million and representing 0.68% of the REIT. Institutional investors collectively own nearly 90% of the company.
• SL Green reported quarterly revenue of $264 million, up 16.5% year over year, and adjusted its loss to $0.38 per share—better than analysts’ expected loss of $0.59 per share.
• The company declared a quarterly dividend of $0.6175 per share, or $2.47 annually, yielding about 4.9%. Analysts maintain a consensus “Hold” rating with an average price target of $57.42.

Bank of America Corp DE purchased a new stake in SL Green Realty Corporation (NYSE:SLG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 481,648 shares of the real estate investment trust's stock, valued at approximately $24,935,000. Bank of America Corp DE owned 0.68% of SL Green Realty as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SLG. Jupiter Topco LLC acquired a new position in SL Green Realty during the second quarter valued at approximately $1,556,000. Hsbc Holdings PLC acquired a new position in shares of SL Green Realty in the 2nd quarter valued at $9,808,000. Legal & General Group Plc acquired a new position in shares of SL Green Realty in the 2nd quarter valued at $27,344,000. The Manufacturers Life Insurance Company bought a new stake in shares of SL Green Realty in the 2nd quarter valued at $2,103,000. Finally, Algert Global LLC bought a new stake in shares of SL Green Realty in the 2nd quarter valued at $673,000. Institutional investors own 89.96% of the company's stock.

SL Green Realty Price Performance

Shares of SLG opened at $49.93 on Thursday. The stock has a market capitalization of $3.55 billion, a P/E ratio of -18.29, a P/E/G ratio of 3.05 and a beta of 1.60. SL Green Realty Corporation has a twelve month low of $34.77 and a twelve month high of $61.80. The company has a 50 day moving average of $54.49 and a 200-day moving average of $47.68. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its 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 during 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 firm's revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.63 earnings per share. As a group, equities research analysts forecast that SL Green Realty Corporation will post 5.56 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.6175 per share. This represents a $2.47 annualized dividend and a yield of 4.9%. The ex-dividend date is Wednesday, September 30th. SL Green Realty's dividend payout ratio is presently -90.48%.

Analysts Set New Price Targets

Several research firms have weighed in on SLG. Truist Financial set a $57.00 target price on SL Green Realty and gave the stock a "hold" rating in a report on Monday, August 24th. Piper Sandler set a $79.00 price target on SL Green Realty and gave the stock an "overweight" rating in a report on Friday, July 24th. JPMorgan Chase & Co. lifted their price objective on SL Green Realty from $51.00 to $61.00 and gave the company a "neutral" rating in a report on Tuesday, August 25th. Mizuho set a $53.00 price objective on SL Green Realty in a report on Tuesday, September 8th. Finally, UBS Group set a $60.00 price objective on SL Green Realty in a research report on Monday, July 27th. Seven 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, SL Green Realty presently has a consensus rating of "Hold" and a consensus target price of $57.42.

Insider Buying and Selling

In related news, insider Harrison Sitomer sold 23,113 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the completion of the transaction, the insider directly owned 109,468 shares of the company's stock, valued at approximately $6,317,398.28. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.94% of the company's stock.

SL Green Realty Company Profile

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and operating commercial properties in Manhattan. The company's portfolio is centered on office buildings, with additional interests in retail, residential and other mixed-use real estate.

SL Green leases space to businesses across a range of industries and provides property management, leasing, development and redevelopment services. Its Manhattan holdings include prominent office properties such as One Vanderbilt, along with retail and hospitality-related assets.

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