Phocas Financial Corp. Has $6.08 Million Stock Holdings in SL Green Realty Corporation (NYSE:SLG)

Key Points

• Phocas Financial Corp. has reduced its holdings in SL Green Realty Corporation by 4.5%, selling 4,986 shares to own 105,383 shares valued at approximately $6.08 million.
• Multiple institutional investors have increased their stakes in SL Green Realty, with notable increases including Sterling Capital Management's 909.4% lift in their position.
• SL Green Realty reported a quarterly EPS of $1.63, surpassing expectations, but its revenue of $147.54 million fell short of analyst estimates of $171.24 million.

Phocas Financial Corp. trimmed its position in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 4.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 105,383 shares of the real estate investment trust's stock after selling 4,986 shares during the period. Phocas Financial Corp. owned approximately 0.15% of SL Green Realty worth $6,081,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Quadrant Capital Group LLC grew its position in SL Green Realty by 37.4% in the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust's stock worth $52,000 after purchasing an additional 208 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of SL Green Realty in the 4th quarter valued at about $75,000. GF Fund Management CO. LTD. acquired a new stake in shares of SL Green Realty in the 4th quarter valued at approximately $80,000. FIL Ltd boosted its holdings in shares of SL Green Realty by 53.3% during the fourth quarter. FIL Ltd now owns 1,582 shares of the real estate investment trust's stock worth $107,000 after acquiring an additional 550 shares during the period. Finally, Sterling Capital Management LLC boosted its stake in shares of SL Green Realty by 909.4% in the fourth quarter. Sterling Capital Management LLC now owns 2,261 shares of the real estate investment trust's stock valued at $154,000 after buying an additional 2,037 shares during the period. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $60.61, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.04% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SLG shares. Wells Fargo & Company reduced their price objective on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Monday, May 19th. Barclays reduced their target price on shares of SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Piper Sandler lowered their price target on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of SL Green Realty in a report on Friday, May 23rd. Finally, JPMorgan Chase & Co. reduced their price target on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $67.29.

SL Green Realty Trading Down 1.4%

Shares of NYSE SLG traded down $0.79 during mid-day trading on Thursday, hitting $54.64. The stock had a trading volume of 127,214 shares, compared to its average volume of 928,502. SL Green Realty Corporation has a 1 year low of $45.15 and a 1 year high of $82.81. The firm has a market cap of $3.90 billion, a P/E ratio of -101.07 and a beta of 1.69. The business has a 50 day moving average price of $61.36 and a two-hundred day moving average price of $59.65. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.85 and a current ratio of 2.72.

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 (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.26. The company had revenue of $147.54 million for 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 was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.05 earnings per share. On average, equities analysts anticipate that SL Green Realty Corporation will post 5.43 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently disclosed a jul 25 dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a $0.2575 dividend. The ex-dividend date is Thursday, July 31st. This represents a yield of 510.0%. SL Green Realty's payout ratio is currently -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.