HGI Capital Management LLC Makes New Investment in SL Green Realty Corporation $SLG

Key Points

• HGI Capital Management LLC has acquired a new stake in SL Green Realty, purchasing 62,406 shares worth approximately $3.60 million, representing 4.5% of its investment portfolio.
• SL Green Realty recently reported earnings of $1.63 per share for the quarter, exceeding analyst estimates, but its revenue of $147.54 million fell short of expectations.
• The company announced a dividend of $0.2575 per share, reflecting a substantial dividend yield of 560.0%, despite having a negative payout ratio of -572.22%.

HGI Capital Management LLC acquired a new stake in SL Green Realty Corporation (NYSE:SLG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 62,406 shares of the real estate investment trust's stock, valued at approximately $3,601,000. SL Green Realty makes up approximately 4.5% of HGI Capital Management LLC's holdings, making the stock its 12th largest position. HGI Capital Management LLC owned about 0.09% of SL Green Realty as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Mackenzie Financial Corp increased its position in shares of SL Green Realty by 4.7% in the 1st quarter. Mackenzie Financial Corp now owns 5,324 shares of the real estate investment trust's stock valued at $307,000 after buying an additional 240 shares in the last quarter. KLP Kapitalforvaltning AS increased its position in shares of SL Green Realty by 2.2% in the 1st quarter. KLP Kapitalforvaltning AS now owns 13,874 shares of the real estate investment trust's stock valued at $804,000 after buying an additional 300 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of SL Green Realty by 1.3% in the 4th quarter. Two Sigma Advisers LP now owns 24,316 shares of the real estate investment trust's stock valued at $1,652,000 after buying an additional 301 shares in the last quarter. Xponance Inc. increased its position in shares of SL Green Realty by 6.6% in the 1st quarter. Xponance Inc. now owns 5,745 shares of the real estate investment trust's stock valued at $331,000 after buying an additional 357 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of SL Green Realty by 6.6% in the 1st quarter. M&T Bank Corp now owns 5,921 shares of the real estate investment trust's stock valued at $342,000 after buying an additional 366 shares in the last quarter. Institutional investors own 89.96% of the company's stock.

Insider Transactions at SL Green Realty

In related news, Director Carol N. Brown sold 2,500 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $60.61, for a total value of $151,525.00. Following the completion of the sale, the director directly owned 937 shares in the company, valued at approximately $56,791.57. This trade represents a 72.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 5.04% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Truist Financial upped their price objective on shares of SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research report on Friday, July 18th. Evercore ISI lowered their target price on SL Green Realty from $74.00 to $73.00 and set an "outperform" rating for the company in a report on Monday, August 18th. Wall Street Zen cut SL Green Realty from a "hold" rating to a "sell" rating in a report on Saturday, May 24th. JPMorgan Chase & Co. lowered their target price on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Finally, Scotiabank upgraded SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 target price for the company in a report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $67.29.

SL Green Realty Stock Down 0.0%

Shares of NYSE SLG traded down $0.02 during mid-day trading on Friday, hitting $56.86. The company had a trading volume of 867,688 shares, compared to its average volume of 813,286. The company has a market capitalization of $4.06 billion, a PE ratio of -105.30 and a beta of 1.69. The firm has a 50-day simple moving average of $58.64 and a two-hundred day simple moving average of $58.26. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.98. SL Green Realty Corporation has a one year low of $45.15 and a one year high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.26. The company had revenue of $147.54 million during the quarter, compared to analysts' expectations of $171.24 million. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%.SL Green Realty's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.05 EPS. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. On average, equities analysts expect that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Announces Dividend

The company also recently announced a aug 25 dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $0.2575 dividend. This represents a yield of 543.0%. The ex-dividend date is Friday, August 29th. SL Green Realty's dividend payout ratio (DPR) is -572.22%.

SL Green Realty Company Profile

3SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.