Valueworks LLC Makes New Investment in SL Green Realty Corporation $SLG

Valueworks LLC acquired a new position in shares of SL Green Realty Corporation (NYSE:SLG) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 195,000 shares of the real estate investment trust’s stock, valued at approximately $10,095,000. SL Green Realty comprises about 2.1% of Valueworks LLC’s holdings, making the stock its 20th biggest holding. Valueworks LLC owned about 0.27% of SL Green Realty at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Empowered Funds LLC purchased a new position in shares of SL Green Realty in the 2nd quarter valued at $356,000. Public Employees Retirement System of Ohio purchased a new stake in SL Green Realty in the second quarter valued at $4,316,000. Adelante Capital Management LLC acquired a new position in SL Green Realty in the second quarter valued at $5,496,000. Corient Private Wealth LP acquired a new position in SL Green Realty in the second quarter valued at $1,242,000. Finally, Bank of America Corp DE purchased a new position in shares of SL Green Realty during the second quarter worth about $24,935,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on SLG shares. UBS Group set a $60.00 target price on SL Green Realty in a research report on Monday, July 27th. Barclays set a $52.00 target price on SL Green Realty and gave the company an “equal weight” rating in a research report on Tuesday, July 21st. LADENBURG THALM/SH SH raised their price target on SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. BMO Capital Markets reaffirmed an “outperform” rating and set a $60.00 price target (up from $52.00) on shares of SL Green Realty in a research report on Monday, July 27th. Finally, JPMorgan Chase & Co. boosted their price objective on SL Green Realty from $51.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $56.20.

SL Green Realty Trading Down 1.4%

NYSE SLG opened at $57.87 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. The firm has a market cap of $4.12 billion, a PE ratio of -21.20, a P/E/G ratio of 2.58 and a beta of 1.58. SL Green Realty Corporation has a one year low of $34.77 and a one year high of $66.29. The firm’s fifty day moving average is $53.43 and its two-hundred day moving average is $45.79.

SL Green Realty (NYSE:SLG) last announced its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The business had revenue of $264.00 million during the quarter, compared to the consensus estimate of $179.01 million. During the same quarter in the prior year, the firm earned $1.63 earnings per share. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. Analysts expect that SL Green Realty Corporation will post 5.44 earnings per share for the current year.

SL Green Realty Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.6175 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.47 annualized dividend and a yield of 4.3%. SL Green Realty’s dividend payout ratio is currently -90.48%.

Insider Buying and Selling

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the completion of the sale, the insider directly owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.94% of the stock is currently owned by corporate insiders.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.