Bank of America Corp DE Grows Holdings in SL Green Realty Corporation $SLG

Key Points

• Bank of America increased its SL Green Realty stake by 226.6% in the first quarter, adding 516,242 shares to own 744,053 shares worth approximately $27.5 million, or 1.04% of the REIT.
• SL Green reported quarterly revenue of $264 million, up 16.5% year over year, and loss per share of $0.38, beating analysts’ estimate of a $0.59 loss. The company also maintains a quarterly dividend of $0.6175, representing a 4.4% annualized yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $55.15, below the stock’s reported $56.18 opening price.

Bank of America Corp DE increased its stake in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 226.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 744,053 shares of the real estate investment trust's stock after purchasing an additional 516,242 shares during the period. Bank of America Corp DE owned approximately 1.04% of SL Green Realty worth $27,485,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Triumph Capital Management acquired a new position in SL Green Realty during the 3rd quarter worth about $45,000. Davis Capital Management purchased a new stake in SL Green Realty during the first quarter worth about $46,000. Fourth Dimension Wealth LLC lifted its position in shares of SL Green Realty by 45.5% during the fourth quarter. Fourth Dimension Wealth LLC now owns 1,600 shares of the real estate investment trust's stock worth $73,000 after purchasing an additional 500 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in shares of SL Green Realty by 30.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust's stock valued at $74,000 after purchasing an additional 378 shares during the period. Finally, Leonteq Securities AG boosted its stake in shares of SL Green Realty by 4,194.0% in the first quarter. Leonteq Securities AG now owns 2,147 shares of the real estate investment trust's stock valued at $79,000 after purchasing an additional 2,097 shares during the period. Hedge funds and other institutional investors own 89.96% of the company's stock.

SL Green Realty Stock Up 0.2%

Shares of NYSE SLG opened at $56.18 on Monday. The business has a 50-day moving average of $52.11 and a two-hundred day moving average of $44.88. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of -20.58, a price-to-earnings-growth ratio of 2.46 and a beta of 1.58. SL Green Realty Corporation has a 1 year low of $34.77 and a 1 year high of $66.29. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.10 and a quick ratio of 3.10.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, beating analysts' consensus estimates of ($0.59) by $0.21. The business had revenue of $264.00 million for 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 business's revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.63 EPS. On average, analysts forecast that SL Green Realty Corporation will post 5.44 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.6175 dividend. This represents a $2.47 annualized dividend and a yield of 4.4%. The ex-dividend date was Tuesday, June 30th. SL Green Realty's dividend payout ratio is currently -90.48%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SLG shares. UBS Group set a $60.00 target price on shares of SL Green Realty in a research note on Monday, July 27th. BMO Capital Markets reaffirmed an "outperform" rating and set a $60.00 price objective (up from $52.00) on shares of SL Green Realty in a research report on Monday, July 27th. Barclays set a $52.00 target price on SL Green Realty and gave the company an "equal weight" rating in a report on Tuesday, July 21st. Wells Fargo & Company increased their price target on 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. Finally, Mizuho boosted their price objective on SL Green Realty from $38.00 to $46.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 21st. Seven investment 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 MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $55.15.

SL Green Realty 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.

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