Phocas Financial Corp. Decreases Position 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. lessened its holdings in SL Green Realty Corporation (NYSE:SLG - Free Report) by 4.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm 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 and other institutional investors also recently added to or reduced their stakes in SLG. Quadrant Capital Group LLC lifted its position in shares of SL Green Realty by 37.4% during 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 purchased a new stake in shares of SL Green Realty during the 4th quarter worth $75,000. GF Fund Management CO. LTD. purchased a new stake in shares of SL Green Realty during the 4th quarter worth $80,000. FIL Ltd lifted its position in shares of SL Green Realty by 53.3% during the 4th quarter. FIL Ltd now owns 1,582 shares of the real estate investment trust's stock worth $107,000 after purchasing an additional 550 shares during the last quarter. Finally, Sterling Capital Management LLC lifted its position in shares of SL Green Realty by 909.4% during the 4th quarter. Sterling Capital Management LLC now owns 2,261 shares of the real estate investment trust's stock worth $154,000 after purchasing an additional 2,037 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

Insider Buying and Selling

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction on Friday, July 18th. The shares were sold at an average price of $60.61, for a total value of $151,525.00. Following the transaction, the director directly owned 937 shares in the company, valued at approximately $56,791.57. The trade was a 72.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.04% of the company's stock.

SL Green Realty Trading Down 2.6%

NYSE SLG opened at $55.76 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.85 and a current ratio of 2.72. The firm has a market cap of $3.98 billion, a PE ratio of -103.26 and a beta of 1.69. SL Green Realty Corporation has a one year low of $45.15 and a one year high of $82.81. The firm's fifty day moving average is $61.38 and its two-hundred day moving average is $59.78.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, beating analysts' consensus estimates of $1.37 by $0.26. The company had revenue of $147.54 million for the quarter, compared to analyst estimates of $171.24 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. SL Green Realty's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.05 earnings per share. Analysts expect that SL Green Realty Corporation will post 5.43 earnings per share for the current 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%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SLG shares. Wall Street Zen cut shares of SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Wells Fargo & Company decreased their price objective on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a research report on Monday, May 19th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of SL Green Realty in a research report on Friday, May 23rd. JPMorgan Chase & Co. decreased their price objective on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Finally, Piper Sandler decreased their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, SL Green Realty has a consensus rating of "Hold" and a consensus target price of $67.29.

About SL Green Realty

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.

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