Short Interest in SL Green Realty Corp (NYSE:SLG) Rises By 11.6%

SL Green Realty Corp (NYSE:SLG) was the target of a significant growth in short interest in June. As of June 30th, there was short interest totalling 2,942,400 shares, a growth of 11.6% from the May 30th total of 2,637,600 shares. Based on an average trading volume of 666,200 shares, the short-interest ratio is currently 4.4 days. Approximately 3.5% of the company’s stock are short sold.

In related news, Director Betsy S. Atkins sold 6,470 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $86.08, for a total transaction of $556,937.60. Following the sale, the director now owns 3,214 shares of the company’s stock, valued at $276,661.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.99% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Commonwealth Bank of Australia boosted its holdings in SL Green Realty by 7.8% in the 4th quarter. Commonwealth Bank of Australia now owns 9,700 shares of the real estate investment trust’s stock worth $763,000 after buying an additional 700 shares during the period. Geode Capital Management LLC boosted its holdings in SL Green Realty by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 1,332,281 shares of the real estate investment trust’s stock worth $105,202,000 after buying an additional 78,771 shares during the period. QS Investors LLC boosted its holdings in SL Green Realty by 174.8% in the 4th quarter. QS Investors LLC now owns 22,323 shares of the real estate investment trust’s stock worth $1,766,000 after buying an additional 14,200 shares during the period. Mackay Shields LLC boosted its holdings in SL Green Realty by 13.3% in the 4th quarter. Mackay Shields LLC now owns 15,646 shares of the real estate investment trust’s stock worth $1,238,000 after buying an additional 1,841 shares during the period. Finally, Bank of America Corp DE boosted its holdings in SL Green Realty by 22.0% in the 4th quarter. Bank of America Corp DE now owns 458,729 shares of the real estate investment trust’s stock worth $36,277,000 after buying an additional 82,664 shares during the period. 97.33% of the stock is owned by hedge funds and other institutional investors.

Several research firms recently commented on SLG. BMO Capital Markets dropped their price objective on shares of Pentair to $39.00 and set a “market perform” rating on the stock in a research note on Thursday, April 18th. ValuEngine lowered shares of Virtu Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, June 18th. Morgan Stanley began coverage on shares of in a research note on Monday, June 17th. They set an “equal weight” rating and a GBX 215 ($2.81) price objective on the stock. Deutsche Bank dropped their price objective on shares of Vornado Realty Trust from $80.00 to $73.00 and set a “hold” rating on the stock in a research note on Wednesday, April 10th. Finally, Zacks Investment Research raised shares of Green Brick Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $97.39.

Shares of NYSE SLG opened at $81.77 on Tuesday. The business has a 50 day moving average price of $84.50. The company has a market capitalization of $6.90 billion, a P/E ratio of 12.35, a PEG ratio of 3.28 and a beta of 1.10. SL Green Realty has a 52-week low of $76.77 and a 52-week high of $106.54. The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, April 17th. The real estate investment trust reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.72 by ($0.04). SL Green Realty had a net margin of 15.39% and a return on equity of 3.01%. The company had revenue of $304.30 million for the quarter, compared to analysts’ expectations of $244.08 million. During the same period in the previous year, the firm earned $1.66 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. As a group, equities research analysts forecast that SL Green Realty will post 6.88 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a dividend of $0.85 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $3.40 annualized dividend and a dividend yield of 4.16%. SL Green Realty’s payout ratio is 51.36%.

SL Green Realty Company 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 March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.

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