Royal Bank of Canada Boosts Stake in SL Green Realty Corporation
Royal Bank of Canada has increased its stake in SL Green Realty Corporation by a significant margin. According to the latest 13F filing, Royal Bank of Canada now owns 142,614 shares of the real estate investment trust's stock after purchasing an additional 128,400 shares during the period. This represents a 903.3% increase in the bank's position and makes it one of the largest shareholders in SL Green Realty.
The total value of Royal Bank of Canada's stake is $5,268,000, which accounts for 0.20% of the company's outstanding shares. Other institutional investors have also been buying into SL Green Realty, with Triumph Capital Management and Davis Capital Management purchasing new stakes in the company during the third quarter.
SL Green Realty has been performing well despite some challenges in the real estate market. The company reported a loss of $0.38 per share for the most recent quarter, but this was still better than analyst estimates. Revenue for the quarter increased by 16.5% compared to the same period last year.
Many analysts are optimistic about SL Green Realty's future prospects, with price targets ranging from $52 to $60 per share. However, there are also some concerns about the company's debt levels and its ability to pay dividends.