First Citizens Bank & Trust Co. bought a new position in shares of SL Green Realty Corp (NYSE:SLG) in the fourth quarter, Holdings Channel reports. The institutional investor bought 9,298 shares of the real estate investment trust’s stock, valued at approximately $735,000.
Several other hedge funds have also recently added to or reduced their stakes in SLG. Mount Yale Investment Advisors LLC bought a new stake in shares of SL Green Realty during the second quarter worth $143,000. Point72 Hong Kong Ltd raised its position in shares of SL Green Realty by 324.3% during the third quarter. Point72 Hong Kong Ltd now owns 1,939 shares of the real estate investment trust’s stock worth $189,000 after acquiring an additional 1,482 shares during the last quarter. BB&T Securities LLC bought a new stake in shares of SL Green Realty during the second quarter worth $218,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of SL Green Realty during the second quarter worth $222,000. Finally, Marshall Wace LLP bought a new stake in shares of SL Green Realty during the third quarter worth $229,000.
In other SL Green Realty news, CEO Marc Holliday sold 110,000 shares of the business’s stock in a transaction dated Friday, December 21st. The stock was sold at an average price of $83.23, for a total value of $9,155,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew J. Diliberto sold 35,000 shares of the business’s stock in a transaction dated Monday, October 29th. The shares were sold at an average price of $92.27, for a total value of $3,229,450.00. Following the completion of the transaction, the chief financial officer now directly owns 36,234 shares of the company’s stock, valued at $3,343,311.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 203,967 shares of company stock valued at $17,427,192. Insiders own 3.65% of the company’s stock.
SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 17th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.66). SL Green Realty had a net margin of 26.46% and a return on equity of 5.05%. The business had revenue of $250.87 million during the quarter, compared to analyst estimates of $242.18 million. During the same period in the previous year, the firm posted $1.49 earnings per share. The firm’s revenue was down 21.5% on a year-over-year basis. As a group, equities research analysts anticipate that SL Green Realty Corp will post 6.72 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 15th. Shareholders of record on Wednesday, January 2nd were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.82%. This is a boost from SL Green Realty’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Monday, December 31st. SL Green Realty’s payout ratio is presently 52.71%.
A number of equities research analysts have recently weighed in on SLG shares. ValuEngine downgraded SL Green Realty from a “hold” rating to a “sell” rating in a research report on Monday, September 24th. JPMorgan Chase & Co. cut SL Green Realty from an “overweight” rating to a “neutral” rating in a research note on Friday, October 5th. Scotiabank started coverage on SL Green Realty in a research note on Tuesday, October 16th. They set an “outperform” rating for the company. Robert W. Baird cut SL Green Realty from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $109.00 to $103.00 in a research note on Tuesday, October 23rd. Finally, TheStreet cut SL Green Realty from a “b-” rating to a “c+” rating in a research note on Friday, November 2nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $102.84.
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SL Green Realty 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 September 30, 2018, SL Green held interests in 106 Manhattan buildings totaling 46.4 million square feet.
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