VIRGINIA RETIREMENT SYSTEMS ET Al Buys 46,200 Shares of SL Green Realty Corporation $SLG

Key Points

• Virginia Retirement Systems increased its SL Green Realty stake by 358.1%, purchasing 46,200 additional shares in the third quarter and bringing its holdings to 59,100 shares valued at approximately $2.9 million.
• SL Green reported quarterly EPS of $1.01, well above analysts’ expected loss of $0.25, while revenue rose 10.6% year over year to $165.55 million but fell short of estimates.
• The REIT maintains a quarterly dividend of $0.6175, equivalent to a 4.9% annualized yield. Analysts have a consensus “Hold” rating and an average price target of $54.35, compared with the stock’s $50.48 opening price.

VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of SL Green Realty Corporation (NYSE:SLG - Free Report) by 358.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 59,100 shares of the real estate investment trust's stock after acquiring an additional 46,200 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.08% of SL Green Realty worth $2,891,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Pinnacle Wealth Planning Services Inc. lifted its stake in SL Green Realty by 15.9% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 3,501 shares of the real estate investment trust's stock valued at $171,000 after acquiring an additional 481 shares during the last quarter. Allworth Financial LP increased its stake in shares of SL Green Realty by 24.3% during the 2nd quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust's stock worth $132,000 after purchasing an additional 499 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of SL Green Realty during the 2nd quarter worth $33,000. Glenmede Trust Co. NA increased its stake in shares of SL Green Realty by 3.8% during the 1st quarter. Glenmede Trust Co. NA now owns 17,370 shares of the real estate investment trust's stock worth $642,000 after purchasing an additional 639 shares during the last quarter. Finally, Probity Advisors Inc. raised its holdings in shares of SL Green Realty by 6.1% during the 3rd quarter. Probity Advisors Inc. now owns 11,546 shares of the real estate investment trust's stock valued at $565,000 after purchasing an additional 665 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Price Performance

Shares of SLG stock opened at $50.48 on Tuesday. The stock has a 50 day moving average of $51.22 and a two-hundred day moving average of $46.86. The company has a current ratio of 2.92, a quick ratio of 3.10 and a debt-to-equity ratio of 1.11. SL Green Realty Corporation has a 12 month low of $34.77 and a 12 month high of $60.09. The company has a market capitalization of $3.59 billion, a P/E ratio of 9.82, a P/E/G ratio of 3.60 and a beta of 1.66.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of ($0.25) by $1.26. SL Green Realty had a negative net margin of 12.03% and a negative return on equity of 3.18%. The firm had revenue of $165.55 million for the quarter, compared to the consensus estimate of $176.97 million. During the same quarter in the previous year, the company earned $1.58 earnings per share. The business's revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts expect that SL Green Realty Corporation will post 6.29 EPS for the current year.

SL Green Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Wednesday, September 30th. SL Green Realty's payout ratio is currently -119.90%.

Analysts Set New Price Targets

Several research firms have commented on SLG. Wall Street Zen raised shares of SL Green Realty from a "sell" rating to a "hold" rating in a research report on Saturday, October 24th. JPMorgan Chase & Co. raised their target price on SL Green Realty from $51.00 to $61.00 and gave the company a "neutral" rating in a report on Tuesday, August 25th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $60.00 price target (up from $52.00) on shares of SL Green Realty in a research report on Monday, July 27th. Morgan Stanley set a $52.00 price target on SL Green Realty and gave the stock an "equal weight" rating in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company lowered their price objective on SL Green Realty from $56.50 to $54.00 and set an "equal weight" rating on the stock in a report on Monday. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $54.35.

Insider Activity

In related news, insider Harrison Sitomer sold 23,113 shares of the business's 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 completion of the transaction, the insider owned 109,468 shares in the company, valued at $6,317,398.28. The trade was a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.94% of the stock is owned by corporate insiders.

SL Green Realty Profile

SL Green Realty Corp. NYSE: SLG is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City's prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.

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