Victory Capital Management Inc. Raises Stake in SL Green Realty Corp. (NYSE:SLG)

Victory Capital Management Inc. increased its stake in SL Green Realty Corp. (NYSE:SLG) by 6.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,900 shares of the real estate investment trust’s stock after buying an additional 1,380 shares during the period. Victory Capital Management Inc.’s holdings in SL Green Realty were worth $1,664,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lighthouse Investment Partners LLC increased its stake in shares of SL Green Realty by 150.0% during the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after buying an additional 90,000 shares during the period. Dimensional Fund Advisors LP increased its position in SL Green Realty by 9.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock valued at $56,350,000 after purchasing an additional 88,309 shares during the period. Swedbank AB bought a new stake in shares of SL Green Realty in the 1st quarter valued at about $4,675,000. Waterfall Asset Management LLC purchased a new stake in shares of SL Green Realty in the 2nd quarter worth approximately $3,172,000. Finally, Edgestream Partners L.P. boosted its stake in shares of SL Green Realty by 40.1% during the second quarter. Edgestream Partners L.P. now owns 122,880 shares of the real estate investment trust’s stock valued at $6,960,000 after purchasing an additional 35,178 shares in the last quarter. Institutional investors own 89.96% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Compass Point set a $65.00 target price on SL Green Realty and gave the company a “neutral” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. lifted their target price on SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, August 6th. Piper Sandler reissued an “overweight” rating and set a $90.00 price target (up from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Barclays lifted their price objective on shares of SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. Finally, Morgan Stanley increased their target price on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, SL Green Realty currently has an average rating of “Hold” and a consensus price target of $66.00.

SL Green Realty Trading Down 0.8 %

SL Green Realty stock opened at $78.99 on Tuesday. The stock’s 50 day simple moving average is $74.06 and its two-hundred day simple moving average is $64.55. SL Green Realty Corp. has a 12 month low of $32.78 and a 12 month high of $82.81. The firm has a market cap of $5.21 billion, a PE ratio of -31.60, a P/E/G ratio of 2.10 and a beta of 1.82. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The company had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. During the same period in the prior year, the business posted $1.27 EPS. Analysts anticipate that SL Green Realty Corp. will post 7.6 earnings per share for the current year.

SL Green Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.00 dividend on an annualized basis and a yield of 3.80%. SL Green Realty’s payout ratio is -120.00%.

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.