SL Green Realty Corp (NYSE:SLG) – Stock analysts at SunTrust Banks upped their Q4 2017 EPS estimates for SL Green Realty in a research report issued to clients and investors on Tuesday. SunTrust Banks analyst M. Lewis now anticipates that the real estate investment trust will earn $1.64 per share for the quarter, up from their previous forecast of $1.61. SunTrust Banks has a “Buy” rating and a $117.00 price target on the stock. SunTrust Banks also issued estimates for SL Green Realty’s Q1 2018 earnings at $1.67 EPS, Q2 2018 earnings at $1.68 EPS, Q3 2018 earnings at $1.66 EPS, Q4 2018 earnings at $1.74 EPS, FY2018 earnings at $6.75 EPS, FY2019 earnings at $6.82 EPS and FY2020 earnings at $6.67 EPS.
SL Green Realty (NYSE:SLG) last announced its 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 net margin of 7.70% and a return on equity of 1.54%. The business had revenue of $319.50 million for the quarter, compared to analysts’ expectations of $326.70 million. During the same period in the prior year, the business earned $1.63 earnings per share. The company’s revenue for the quarter was down 4.5% compared to the same quarter last year.
SLG has been the subject of several other reports. Barclays decreased their target price on SL Green Realty from $111.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 1st. KeyCorp reaffirmed a “buy” rating and set a $130.00 target price on shares of SL Green Realty in a research report on Tuesday, September 26th. BMO Capital Markets reiterated a “buy” rating and set a $125.00 price target on shares of SL Green Realty in a research note on Wednesday, October 25th. Robert W. Baird increased their price target on SL Green Realty from $120.00 to $121.00 and gave the stock an “outperform” rating in a research note on Monday, October 23rd. Finally, Citigroup cut their price target on SL Green Realty from $125.00 to $123.00 and set a “buy” rating for the company in a research note on Monday, October 23rd. One research 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 stock has an average rating of “Hold” and an average target price of $115.62.
Shares of SL Green Realty (NYSE SLG) opened at $102.39 on Wednesday. SL Green Realty has a 12-month low of $93.92 and a 12-month high of $115.34. The stock has a market capitalization of $10,083.04, a price-to-earnings ratio of 16.36, a PEG ratio of 2.66 and a beta of 1.18. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.11 and a current ratio of 0.11.
Hedge funds and other institutional investors have recently modified their holdings of the business. Capital Investment Counsel Inc bought a new position in SL Green Realty in the 3rd quarter worth about $213,000. BB&T Securities LLC bought a new position in SL Green Realty in the 2nd quarter worth about $226,000. Pacer Advisors Inc. boosted its stake in SL Green Realty by 9.0% in the 2nd quarter. Pacer Advisors Inc. now owns 2,459 shares of the real estate investment trust’s stock worth $260,000 after purchasing an additional 203 shares during the period. TLP Group LLC bought a new position in SL Green Realty in the 2nd quarter worth about $260,000. Finally, Global X Management Co. LLC boosted its stake in SL Green Realty by 14.9% in the 2nd quarter. Global X Management Co. LLC now owns 2,466 shares of the real estate investment trust’s stock worth $261,000 after purchasing an additional 320 shares during the period.
SL Green Realty declared that its Board of Directors has approved a stock repurchase program on Friday, December 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd will be paid a $0.8125 dividend. The ex-dividend date of this dividend is Friday, December 29th. This represents a $3.25 annualized dividend and a yield of 3.17%. This is an increase from SL Green Realty’s previous quarterly dividend of $0.78. SL Green Realty’s dividend payout ratio (DPR) is currently 300.97%.
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SL Green Realty Company 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.
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