Hsbc Holdings PLC Acquires Shares of 189,097 SL Green Realty Corporation $SLG

Key Points

• Hsbc Holdings PLC acquired 189,097 SL Green Realty shares valued at approximately $9.8 million, giving it a 0.26% stake. Institutional investors collectively own 89.96% of the REIT.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” from 19 analysts and an average price target of $56.20; recent targets range from $57 to $79.
• SL Green Realty beat quarterly earnings expectations and reported revenue growth of 16.5% year over year, while maintaining a quarterly dividend of $0.6175 per share, equivalent to a 4.3% annualized yield.

Hsbc Holdings PLC acquired a new position in SL Green Realty Corporation (NYSE:SLG - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 189,097 shares of the real estate investment trust's stock, valued at approximately $9,808,000. Hsbc Holdings PLC owned 0.26% of SL Green Realty as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the company. Clear Harbor Asset Management LLC bought a new stake in shares of SL Green Realty in the second quarter valued at about $2,043,000. Hosking Partners LLP boosted its holdings in SL Green Realty by 18.5% during the fourth quarter. Hosking Partners LLP now owns 290,166 shares of the real estate investment trust's stock valued at $13,310,000 after purchasing an additional 45,337 shares in the last quarter. Royal Bank of Canada boosted its stake in SL Green Realty by 903.3% in the 1st quarter. Royal Bank of Canada now owns 142,614 shares of the real estate investment trust's stock valued at $5,268,000 after buying an additional 128,400 shares in the last quarter. Nan Fung Trinity HK Ltd. bought a new stake in shares of SL Green Realty in the 4th quarter worth about $6,230,000. Finally, Bank of America Corp DE grew its stake in SL Green Realty by 226.6% during the first quarter. Bank of America Corp DE now owns 744,053 shares of the real estate investment trust's stock worth $27,485,000 after buying an additional 516,242 shares during the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SLG. Truist Financial set a $57.00 target price on SL Green Realty and gave the company a "hold" rating in a research note on Monday. Piper Sandler set a $79.00 target price on shares of SL Green Realty and gave the stock an "overweight" rating in a research report on Friday, July 24th. Scotiabank increased their price target on shares of SL Green Realty from $56.00 to $60.00 and gave the company a "sector outperform" rating in a research note on Wednesday, August 5th. BMO Capital Markets reissued an "outperform" rating and issued a $60.00 price target (up from $52.00) on shares of SL Green Realty in a report on Monday, July 27th. Finally, UBS Group set a $60.00 price objective on shares of 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 given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $56.20.

Insiders Place Their Bets

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $57.71, for a total value of $1,333,851.23. Following the transaction, the insider owned 109,468 shares of the company's stock, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 5.94% of the company's stock.

SL Green Realty Stock Down 0.3%

Shares of SL Green Realty stock opened at $57.65 on Friday. SL Green Realty Corporation has a 1 year low of $34.77 and a 1 year high of $66.29. The business has a 50-day moving average of $53.57 and a two-hundred day moving average of $45.87. The company has a market capitalization of $4.10 billion, a P/E ratio of -21.12, a price-to-earnings-growth ratio of 2.51 and a beta of 1.58. 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) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The business had revenue of $264.00 million for the quarter, compared to analysts' expectations of $179.01 million. During the same quarter in the previous year, the business posted $1.63 EPS. SL Green Realty's revenue for the quarter was up 16.5% on a year-over-year basis. As a group, equities analysts predict that SL Green Realty Corporation will post 5.51 EPS for the current year.

SL Green Realty Announces Dividend

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

About SL Green Realty

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