Westpac Banking Corp grew its position in SL Green Realty Corp (NYSE:SLG) by 32.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,688 shares of the real estate investment trust’s stock after acquiring an additional 24,068 shares during the quarter. Westpac Banking Corp’s holdings in SL Green Realty were worth $8,874,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SLG. Norges Bank purchased a new position in shares of SL Green Realty in the fourth quarter valued at approximately $73,769,000. Boston Partners increased its holdings in shares of SL Green Realty by 13.5% in the fourth quarter. Boston Partners now owns 6,317,316 shares of the real estate investment trust’s stock valued at $499,574,000 after purchasing an additional 749,249 shares during the last quarter. BlackRock Inc. increased its holdings in shares of SL Green Realty by 6.0% in the fourth quarter. BlackRock Inc. now owns 9,130,834 shares of the real estate investment trust’s stock valued at $722,065,000 after purchasing an additional 516,276 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd acquired a new stake in shares of SL Green Realty in the fourth quarter valued at approximately $36,840,000. Finally, Millennium Management LLC increased its holdings in shares of SL Green Realty by 339.1% in the fourth quarter. Millennium Management LLC now owns 234,379 shares of the real estate investment trust’s stock valued at $18,535,000 after purchasing an additional 181,006 shares during the last quarter. Institutional investors and hedge funds own 97.31% of the company’s stock.
In other SL Green Realty news, Director Betsy S. Atkins sold 6,470 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $86.08, for a total transaction of $556,937.60. Following the completion of the sale, the director now owns 3,214 shares of the company’s stock, valued at $276,661.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.99% of the stock is owned by company insiders.
Several equities research analysts recently commented on the company. JPMorgan Chase & Co. cut SL Green Realty from an “equal weight” rating to an “underweight” rating and set a $91.91 price target for the company. in a report on Wednesday, March 13th. Morgan Stanley cut SL Green Realty from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $97.00 to $85.50 in a report on Wednesday, March 13th. Zacks Investment Research cut SL Green Realty from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. Deutsche Bank reaffirmed a “buy” rating and issued a $110.00 price target (down previously from $115.00) on shares of SL Green Realty in a report on Wednesday, April 10th. Finally, ValuEngine cut SL Green Realty from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Three analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $97.43.
SLG stock traded down $0.25 during midday trading on Friday, hitting $88.02. 8,257 shares of the company’s stock were exchanged, compared to its average volume of 523,882. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 0.98. The stock has a market cap of $7.39 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 3.43 and a beta of 1.21. SL Green Realty Corp has a 1-year low of $76.77 and a 1-year high of $106.54.
SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, April 17th. The real estate investment trust reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.04). The business had revenue of $304.30 million for the quarter, compared to analyst estimates of $244.08 million. SL Green Realty had a return on equity of 3.01% and a net margin of 15.39%. SL Green Realty’s revenue was up .9% compared to the same quarter last year. During the same period last year, the business earned $1.66 EPS. As a group, sell-side analysts anticipate that SL Green Realty Corp will post 6.89 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.85 per share. The ex-dividend date is Thursday, June 27th. This represents a $3.40 annualized dividend and a yield of 3.86%. SL Green Realty’s dividend payout ratio (DPR) is 51.36%.
SL Green Realty Company Profile
SL Green Realty Corp., an S&P 500 company and New York City'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 March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.
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