Vision Capital Corp Takes Position in SL Green Realty Corporation (NYSE:SLG)

Key Points

• Vision Capital Corp has acquired a new stake in SL Green Realty Corporation, purchasing 200,000 shares valued at approximately $11.54 million, making it the 10th largest position in their portfolio.
• Recent analyst updates show a range of price targets for SL Green, with Scotiabank upgrading its rating to "sector outperform" and setting a new price objective of $71.00.
• SL Green Realty announced a dividend of $0.2575 per share, with a significant dividend yield of 510.0%, to be paid on August 15th to stockholders of record by July 31st.

Vision Capital Corp bought a new stake in SL Green Realty Corporation (NYSE:SLG - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 200,000 shares of the real estate investment trust's stock, valued at approximately $11,540,000. SL Green Realty makes up 2.6% of Vision Capital Corp's investment portfolio, making the stock its 10th biggest holding. Vision Capital Corp owned 0.28% of SL Green Realty as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Fourth Dimension Wealth LLC acquired a new stake in shares of SL Green Realty in the 4th quarter valued at $75,000. GF Fund Management CO. LTD. acquired a new stake in shares of SL Green Realty in the 4th quarter valued at $80,000. FIL Ltd boosted its holdings in shares of SL Green Realty by 53.3% in the 4th quarter. FIL Ltd now owns 1,582 shares of the real estate investment trust's stock valued at $107,000 after purchasing an additional 550 shares in the last quarter. Sterling Capital Management LLC boosted its holdings 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 valued at $154,000 after acquiring an additional 2,037 shares in the last quarter. Finally, Norinchukin Bank The boosted its holdings in shares of SL Green Realty by 6.6% during the 4th quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust's stock valued at $212,000 after acquiring an additional 192 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company's stock.

Insider Buying and Selling at SL Green Realty

In other news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the completion of the transaction, the director directly owned 937 shares of the company's stock, 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 SEC, which is accessible through this link. Company insiders own 5.04% of the company's stock.

SL Green Realty Trading Down 1.9%

NYSE:SLG traded down $1.04 during trading hours on Thursday, hitting $54.49. 737,943 shares of the company were exchanged, compared to its average volume of 1,034,076. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of -100.91 and a beta of 1.69. The company has a current ratio of 2.72, a quick ratio of 2.85 and a debt-to-equity ratio of 0.98. SL Green Realty Corporation has a one year low of $45.15 and a one year high of $82.81. The company has a fifty day simple moving average of $60.69 and a 200 day simple moving average of $59.09.

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 earnings per share 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 firm had revenue of $147.54 million during the quarter, compared to analyst estimates of $171.24 million. During the same period last year, the company posted $2.05 EPS. The business's quarterly revenue was up 8.6% on a year-over-year basis. Sell-side analysts expect that SL Green Realty Corporation will post 5.43 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a jul 25 dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a $0.2575 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a dividend yield of 510.0%. SL Green Realty's dividend payout ratio (DPR) is -572.22%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SLG. JPMorgan Chase & Co. cut their price objective on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Wells Fargo & Company cut their price objective on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a report on Monday, May 19th. Truist Financial raised their price objective on SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a report on Friday, July 18th. Barclays cut their price objective on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Finally, Scotiabank raised SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 price objective on the stock in a report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, eleven have assigned 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 an average 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.