SL Green Realty Corporation (NYSE:SLG) Shares Acquired by Victory Capital Management Inc.

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

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Arizona State Retirement System lifted its holdings in SL Green Realty by 9.4% in the 1st quarter. Arizona State Retirement System now owns 20,578 shares of the real estate investment trust's stock valued at $1,187,000 after purchasing an additional 1,767 shares in the last quarter. Xponance Inc. lifted its stake in shares of SL Green Realty by 6.6% during the first 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 during the period. M&T Bank Corp boosted its position in SL Green Realty by 6.6% during the first quarter. M&T Bank Corp now owns 5,921 shares of the real estate investment trust's stock worth $342,000 after acquiring an additional 366 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new stake in SL Green Realty in the 1st quarter worth approximately $287,000. Finally, Envestnet Asset Management Inc. grew its stake in SL Green Realty by 117.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 43,513 shares of the real estate investment trust's stock worth $2,511,000 after acquiring an additional 23,457 shares during the period. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Stock Down 3.4%

SLG stock traded down $2.09 during trading on Monday, reaching $58.56. The stock had a trading volume of 990,575 shares, compared to its average volume of 1,112,327. The company has a current ratio of 2.72, a quick ratio of 2.85 and a debt-to-equity ratio of 0.98. The firm has a fifty day moving average price of $61.27 and a 200 day moving average price of $59.95. The company has a market capitalization of $4.18 billion, a P/E ratio of -108.44 and a beta of 1.65. SL Green Realty Corporation has a 1-year low of $45.15 and a 1-year high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $171.24 million. During the same quarter in the previous year, the firm posted $2.05 earnings per share. The company's revenue was up 8.6% compared to the same quarter last year. On average, equities analysts anticipate that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

SL Green Realty Announces Dividend

The business also recently disclosed a jul 25 dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $0.2575 per share. This represents a yield of 5.1%. The ex-dividend date is Thursday, July 31st. SL Green Realty's dividend payout ratio is currently -572.22%.

Insider Activity

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $60.61, for a total transaction of $151,525.00. Following the sale, the director owned 937 shares in the company, valued at $56,791.57. This represents a 72.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 5.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SLG shares. Wall Street Zen downgraded SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Barclays lowered their price target on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Scotiabank raised SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 target price on the stock in a research report on Friday. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Finally, 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 note on Monday, April 21st. 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. According to MarketBeat, SL Green Realty presently has a consensus rating of "Hold" and a consensus price target of $65.60.

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.