Stock Traders Buy High Volume of Call Options on SL Green Realty (SLG)

SL Green Realty Corp (NYSE:SLG) was the target of unusually large options trading on Thursday. Traders acquired 532 call options on the company. This is an increase of 682% compared to the average volume of 68 call options.

Shares of SL Green Realty (SLG) opened at $100.93 on Tuesday. The firm has a market capitalization of $9,920.00, a price-to-earnings ratio of 99.93, a PEG ratio of 2.61 and a beta of 1.18. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.38. SL Green Realty has a 1 year low of $93.92 and a 1 year high of $115.34.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($1.17). The company had revenue of $319.50 million for the quarter, compared to the consensus estimate of $326.70 million. SL Green Realty had a net margin of 7.70% and a return on equity of 1.54%. The business’s revenue was down 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.63 earnings per share. sell-side analysts anticipate that SL Green Realty will post 6.44 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd will be given a dividend of $0.8125 per share. This represents a $3.25 dividend on an annualized basis and a dividend yield of 3.22%. This is an increase from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Friday, December 29th. SL Green Realty’s dividend payout ratio is presently 306.93%.

SL Green Realty announced that its board has authorized a share repurchase plan on Friday, December 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Several analysts recently issued reports on the company. BTIG Research upgraded SL Green Realty from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 5th. SunTrust Banks set a $117.00 price target on SL Green Realty and gave the company a “buy” rating in a research note on Tuesday, December 5th. Zacks Investment Research downgraded SL Green Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. KeyCorp restated a “buy” rating and issued a $130.00 price target on shares of SL Green Realty in a research note on Tuesday, September 26th. Finally, BMO Capital Markets restated a “buy” rating and issued a $125.00 price target on shares of SL Green Realty in a research note on Thursday, October 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. SL Green Realty has an average rating of “Hold” and a consensus price target of $115.62.

In related news, CEO Marc Holliday sold 160,000 shares of the business’s stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $100.63, for a total value of $16,100,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John S. Levy sold 6,000 shares of the business’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $103.23, for a total value of $619,380.00. Following the completion of the sale, the director now owns 21,827 shares of the company’s stock, valued at $2,253,201.21. The disclosure for this sale can be found here. 2.99% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the company. Capital Investment Counsel Inc bought a new stake in shares of SL Green Realty during the 3rd quarter valued at $213,000. BB&T Securities LLC acquired a new position in shares of SL Green Realty during the 2nd quarter worth $226,000. Pacer Advisors Inc. raised its holdings in shares of SL Green Realty by 9.0% during the 2nd quarter. Pacer Advisors Inc. now owns 2,459 shares of the real estate investment trust’s stock worth $260,000 after buying an additional 203 shares in the last quarter. TLP Group LLC acquired a new position in shares of SL Green Realty during the 2nd quarter worth $260,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of SL Green Realty during the 3rd quarter worth $270,000.

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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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