SL Green Realty Corp (NYSE:SLG) – Analysts at Jefferies Group dropped their Q4 2017 EPS estimates for SL Green Realty in a research report issued on Monday. Jefferies Group analyst J. Petersen now expects that the real estate investment trust will post earnings of $1.58 per share for the quarter, down from their previous forecast of $1.59.
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 for the quarter, missing the consensus estimate of $1.57 by ($1.17). The firm had revenue of $319.50 million during the quarter, compared to analysts’ expectations of $326.70 million. SL Green Realty had a net margin of 7.70% and a return on equity of 1.54%. SL Green Realty’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.63 earnings per share.
Several other research analysts also recently weighed in on SLG. BidaskClub downgraded shares of SL Green Realty from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. Bank of America downgraded shares of SL Green Realty from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $113.00 to $110.00 in a research note on Wednesday, August 16th. KeyCorp reiterated a “buy” rating and set a $130.00 price objective on shares of SL Green Realty in a research note on Friday, August 25th. Morgan Stanley reiterated an “equal weight” rating and set a $104.00 price objective (down from $106.00) on shares of SL Green Realty in a research note on Friday, September 1st. Finally, BMO Capital Markets reduced their price objective on shares of SL Green Realty from $127.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday, September 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $115.62.
Shares of SL Green Realty (SLG) traded down $0.22 during mid-day trading on Tuesday, hitting $102.39. 951,600 shares of the stock traded hands, compared to its average volume of 748,099. The stock has a market capitalization of $10,083.04, a P/E ratio of 16.36, a PEG ratio of 2.66 and a beta of 1.18. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.38. SL Green Realty has a fifty-two week low of $93.92 and a fifty-two week high of $115.34.
Several hedge funds have recently added to or reduced their stakes in SLG. Great West Life Assurance Co. Can increased its stake in SL Green Realty by 7.5% during the 2nd quarter. Great West Life Assurance Co. Can now owns 140,175 shares of the real estate investment trust’s stock valued at $14,814,000 after buying an additional 9,769 shares during the period. State of New Jersey Common Pension Fund D increased its stake in SL Green Realty by 5.3% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 187,750 shares of the real estate investment trust’s stock valued at $19,864,000 after buying an additional 9,500 shares during the period. Candriam Luxembourg S.C.A. acquired a new position in SL Green Realty during the 2nd quarter valued at about $287,000. Korea Investment CORP increased its stake in SL Green Realty by 17.1% during the 2nd quarter. Korea Investment CORP now owns 18,840 shares of the real estate investment trust’s stock valued at $1,993,000 after buying an additional 2,755 shares during the period. Finally, ARP Americas LLC increased its stake in SL Green Realty by 82.3% during the 2nd quarter. ARP Americas LLC now owns 3,829 shares of the real estate investment trust’s stock valued at $405,000 after buying an additional 1,729 shares during the period.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be issued a $0.8125 dividend. This represents a $3.25 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date is Friday, December 29th. This is a boost from SL Green Realty’s previous quarterly dividend of $0.78. SL Green Realty’s dividend payout ratio (DPR) is 300.97%.
SL Green Realty declared that its board has approved a stock buyback plan on Friday, December 1st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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About SL Green Realty
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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