Davis Selected Advisers Increases Position in SL Green Realty Corp (NYSE:SLG)

Davis Selected Advisers increased its position in SL Green Realty Corp (NYSE:SLG) by 31.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,429 shares of the real estate investment trust’s stock after acquiring an additional 28,235 shares during the quarter. Davis Selected Advisers owned about 0.12% of SL Green Realty worth $11,898,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Candriam Luxembourg S.C.A. bought a new position in shares of SL Green Realty in the second quarter worth about $287,000. Retirement Systems of Alabama raised its stake in shares of SL Green Realty by 1.6% in the second quarter. Retirement Systems of Alabama now owns 49,375 shares of the real estate investment trust’s stock worth $5,224,000 after acquiring an additional 756 shares during the last quarter. Global X Management Co. LLC raised its stake in shares of SL Green Realty by 14.9% in the second quarter. Global X Management Co. LLC now owns 2,466 shares of the real estate investment trust’s stock worth $261,000 after acquiring an additional 320 shares during the last quarter. Arizona State Retirement System raised its stake in shares of SL Green Realty by 1.6% in the second quarter. Arizona State Retirement System now owns 25,300 shares of the real estate investment trust’s stock worth $2,677,000 after acquiring an additional 400 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of SL Green Realty by 42.5% in the second quarter. First Trust Advisors LP now owns 122,036 shares of the real estate investment trust’s stock worth $12,911,000 after acquiring an additional 36,391 shares during the last quarter.

Shares of SL Green Realty Corp (NYSE SLG) traded up $0.81 during midday trading on Friday, reaching $100.93. 748,584 shares of the company were exchanged, compared to its average volume of 967,665. The company has a market cap of $9,917.96, a price-to-earnings ratio of 97.99, a PEG ratio of 2.61 and a beta of 1.18. SL Green Realty Corp has a 1-year low of $93.92 and a 1-year high of $115.34. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.38.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($1.17). SL Green Realty had a return on equity of 1.54% and a net margin of 7.70%. The firm had revenue of $319.50 million for the quarter, compared to the consensus estimate of $326.70 million. During the same quarter in the previous year, the business posted $1.63 EPS. The firm’s revenue for the quarter was down 4.5% compared to the same quarter last year. analysts predict that SL Green Realty Corp will post 6.44 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd will be paid a $0.8125 dividend. The ex-dividend date is Friday, December 29th. This represents a $3.25 annualized dividend and a dividend yield of 3.22%. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.78. SL Green Realty’s payout ratio is currently 300.97%.

SL Green Realty declared that its board has initiated a share buyback program on Friday, December 1st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

A number of research analysts recently issued reports on the stock. KeyCorp restated a “buy” rating and set a $130.00 price objective on shares of SL Green Realty in a report on Tuesday, September 26th. BMO Capital Markets reduced their price target on shares of SL Green Realty from $127.00 to $125.00 and set an “outperform” rating for the company in a report on Thursday, September 21st. BTIG Research upgraded shares of SL Green Realty from a “neutral” rating to a “buy” rating in a report on Tuesday, December 5th. SunTrust Banks set a $117.00 target price on shares of SL Green Realty and gave the stock a “buy” rating in a report on Tuesday, December 5th. Finally, Stifel Nicolaus dropped their price target on shares of SL Green Realty from $112.00 to $105.00 and set a “hold” rating on the stock in a research report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $115.62.

In related news, CEO Marc Holliday sold 160,000 shares of SL Green Realty stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $100.63, for a total value of $16,100,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John S. Levy sold 6,000 shares of SL Green Realty stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $103.23, for a total transaction of $619,380.00. Following the completion of the sale, the director now directly owns 21,827 shares of the company’s stock, valued at approximately $2,253,201.21. The disclosure for this sale can be found here. Insiders own 3.09% of the company’s stock.

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SL Green Realty Profile

SL Green Realty Corp. is a self-managed real estate investment trust (REIT), with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing. The Company operates through two segments: real estate, and debt and preferred equity investments.

Institutional Ownership by Quarter for SL Green Realty (NYSE:SLG)

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