Maverick Capital Ltd. Lowers Stake in SL Green Realty Corp. (NYSE:SLG)

Maverick Capital Ltd. cut its stake in SL Green Realty Corp. (NYSE:SLG) by 48.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,893 shares of the real estate investment trust’s stock after selling 7,487 shares during the quarter. Maverick Capital Ltd.’s holdings in SL Green Realty were worth $447,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in SL Green Realty by 0.6% in the first quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock valued at $572,524,000 after purchasing an additional 60,032 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of SL Green Realty by 7.6% in the 4th quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock valued at $50,363,000 after buying an additional 78,322 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of SL Green Realty by 9.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after buying an additional 88,309 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of SL Green Realty by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock worth $45,906,000 after acquiring an additional 14,167 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in SL Green Realty by 24.7% during the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after acquiring an additional 158,268 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Piper Sandler upped their price target on SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Bank of America increased their price target on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. StockNews.com upgraded SL Green Realty to a “sell” rating in a research note on Friday, July 19th. Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $44.00 to $66.00 in a research note on Friday, September 13th. Finally, Barclays upped their price target on shares of SL Green Realty from $49.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus price target of $59.64.

SL Green Realty Price Performance

Shares of SLG opened at $69.50 on Friday. The company has a market capitalization of $4.53 billion, a P/E ratio of -8.41, a P/E/G ratio of 1.98 and a beta of 1.83. The business’s 50-day moving average is $65.61 and its two-hundred day moving average is $57.78. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.59 and a current ratio of 2.59. SL Green Realty Corp. has a fifty-two week low of $28.55 and a fifty-two week high of $73.80.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company had revenue of $222.82 million during the quarter, compared to analysts’ expectations of $133.83 million. During the same period last year, the business earned $1.43 earnings per share. SL Green Realty’s quarterly revenue was down 9.4% on a year-over-year basis. Research analysts predict that SL Green Realty Corp. will post 7.58 earnings per share for the current year.

SL Green Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend is Monday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is presently -36.32%.

SL Green Realty Profile

3SL Green Realty Corp., Manhattan’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 June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.