Levin Capital Strategies L.P. Raises Holdings in SL Green Realty Corp (SLG)
Levin Capital Strategies L.P. boosted its holdings in SL Green Realty Corp (NYSE:SLG) by 23.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,188 shares of the real estate investment trust’s stock after acquiring an additional 16,046 shares during the quarter. Levin Capital Strategies L.P. owned about 0.10% of SL Green Realty worth $6,737,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of SLG. FMR LLC increased its stake in SL Green Realty by 12.0% in the 3rd quarter. FMR LLC now owns 5,189,470 shares of the real estate investment trust’s stock worth $506,128,000 after purchasing an additional 554,789 shares in the last quarter. JPMorgan Chase & Co. increased its stake in SL Green Realty by 300.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 681,159 shares of the real estate investment trust’s stock worth $66,434,000 after purchasing an additional 510,858 shares in the last quarter. Cambiar Investors LLC purchased a new position in SL Green Realty in the 3rd quarter worth about $30,660,000. Uniplan Investment Counsel Inc. purchased a new position in SL Green Realty in the 3rd quarter worth about $24,909,000. Finally, WINTON GROUP Ltd purchased a new position in SL Green Realty in the 3rd quarter worth about $15,710,000.
A number of brokerages recently weighed in on SLG. JPMorgan Chase & Co. dropped their price target on SL Green Realty from $107.00 to $106.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 24th. Barclays raised SL Green Realty from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $97.00 to $100.00 in a research note on Monday, February 4th. SunTrust Banks reissued a “hold” rating and issued a $107.00 price target on shares of SL Green Realty in a research note on Tuesday, December 4th. Robert W. Baird cut SL Green Realty from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $109.00 to $103.00 in a research note on Tuesday, October 23rd. Finally, Scotiabank began coverage on SL Green Realty in a research note on Tuesday, October 16th. They issued an “outperform” rating on the stock. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $102.65.
SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, January 23rd. The real estate investment trust reported ($0.73) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.72 by ($2.45). SL Green Realty had a net margin of 20.15% and a return on equity of 3.82%. The business had revenue of $317.04 million for the quarter, compared to analysts’ expectations of $255.12 million. During the same period last year, the firm earned $1.60 EPS. The company’s revenue was down 12.3% compared to the same quarter last year. As a group, equities analysts forecast that SL Green Realty Corp will post 6.92 earnings per share for the current fiscal 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 dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend was Monday, December 31st. This is a boost from SL Green Realty’s previous quarterly dividend of $0.81. SL Green Realty’s payout ratio is 51.36%.
In other news, CEO Marc Holliday sold 55,000 shares of SL Green Realty stock in a transaction dated Wednesday, December 19th. The stock was sold at an average price of $85.04, for a total transaction of $4,677,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Craig M. Hatkoff sold 2,500 shares of SL Green Realty stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $92.24, for a total value of $230,600.00. Following the sale, the director now owns 2,352 shares of the company’s stock, valued at $216,948.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 167,500 shares of company stock worth $14,063,100. Company insiders own 3.65% of the company’s stock.
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About SL Green Realty
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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