Victory Capital Management Inc. Increases Stock Position in SL Green Realty Corporation (NYSE:SLG)

Key Points

• Victory Capital Management Inc. increased its stake in SL Green Realty Corporation by 134.3%, owning approximately 0.09% of the company with a total value of $3.58 million.
• SL Green Realty's stock has seen a recent decline, down 3.4%, and currently has a market capitalization of $4.18 billion with a P/E ratio of -108.44.
• The company announced a dividend of $0.2575 per share, reflecting a yield of 5.1%, with a notably high dividend payout ratio of -572.22%.

Victory Capital Management Inc. grew its stake in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 134.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,051 shares of the real estate investment trust's stock after acquiring an additional 35,565 shares during the period. Victory Capital Management Inc. owned about 0.09% of SL Green Realty worth $3,580,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. 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 valued at $52,000 after acquiring an additional 208 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in shares of SL Green Realty during the 4th quarter valued at approximately $75,000. GF Fund Management CO. LTD. acquired a new stake in shares of SL Green Realty during the 4th quarter valued at approximately $80,000. Summit Securities Group LLC acquired a new stake in shares of SL Green Realty during the 4th quarter valued at approximately $88,000. Finally, 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 valued at $107,000 after acquiring an additional 550 shares during the period. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Carol N. Brown sold 2,500 shares of the business's stock in a transaction 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 of the company's stock, valued at $56,791.57. The trade was a 72.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.04% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Wall Street Zen downgraded SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Piper Sandler reduced their price objective on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Truist Financial increased their price objective on SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. dropped their price objective on 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. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, SL Green Realty currently has a consensus rating of "Hold" and an average target price of $65.60.

SL Green Realty Trading Down 0.1%

Shares of NYSE:SLG traded down $0.08 during midday trading on Thursday, reaching $57.29. The company's stock had a trading volume of 147,190 shares, compared to its average volume of 928,309. The firm has a market cap of $4.09 billion, a price-to-earnings ratio of -106.02 and a beta of 1.65. The company has a quick ratio of 2.85, a current ratio of 2.72 and a debt-to-equity ratio of 0.98. SL Green Realty Corporation has a 1 year low of $45.15 and a 1 year high of $82.81. The business has a 50 day moving average price of $61.33 and a 200 day moving average price of $59.91.

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 EPS for the quarter, beating analysts' consensus estimates of $1.37 by $0.26. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. The business had revenue of $147.54 million during the quarter, compared to the consensus estimate of $171.24 million. During the same quarter in the previous year, the business earned $2.05 earnings per share. The business's revenue for the quarter was up 8.6% on a year-over-year basis. Research analysts forecast that SL Green Realty Corporation will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The business also recently disclosed a jul 25 dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be paid a dividend of $0.2575 per share. The ex-dividend date is Thursday, July 31st. This represents a dividend yield of 5.1%. SL Green Realty's dividend payout ratio is presently -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.