BMO Capital Markets reissued their buy rating on shares of SL Green Realty (NYSE:SLG) in a research report sent to investors on Tuesday morning. They currently have a $120.00 target price on the real estate investment trust’s stock.
A number of other analysts have also commented on SLG. KeyCorp restated a buy rating and issued a $130.00 price target on shares of SL Green Realty in a report on Tuesday, September 26th. Zacks Investment Research lowered SL Green Realty from a hold rating to a sell rating in a report on Tuesday, October 17th. SunTrust Banks set a $115.00 price target on SL Green Realty and gave the company a buy rating in a report on Saturday, October 21st. Citigroup cut their price target on SL Green Realty from $125.00 to $123.00 and set a buy rating on the stock in a report on Monday, October 23rd. Finally, Robert W. Baird boosted their price target on SL Green Realty from $120.00 to $121.00 and gave the company an outperform rating in a report on Monday, October 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $115.50.
SL Green Realty (NYSE:SLG) traded down $0.26 during trading hours on Tuesday, reaching $95.47. The company’s stock had a trading volume of 616,582 shares, compared to its average volume of 778,011. SL Green Realty has a 1 year low of $93.92 and a 1 year high of $115.34. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $9,380.00, a PE ratio of 94.52, a price-to-earnings-growth ratio of 2.48 and a beta of 1.18.
SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $326.70 million. During the same period in the previous year, the firm posted $1.63 earnings per share. The firm’s revenue was down 4.5% on a year-over-year basis. equities analysts expect that SL Green Realty will post 6.44 earnings per share for the current year.
SL Green Realty announced that its board has initiated a stock repurchase program 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 buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be issued a dividend of $0.8125 per share. This represents a $3.25 annualized dividend and a yield of 3.40%. The ex-dividend date is Friday, December 29th. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.78. SL Green Realty’s dividend payout ratio is presently 321.78%.
In related news, CEO Marc Holliday sold 160,000 shares of the company’s stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $100.63, for a total transaction of $16,100,800.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John S. Levy sold 6,000 shares of the company’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $103.23, for a total value of $619,380.00. Following the sale, the director now owns 21,827 shares in the company, valued at approximately $2,253,201.21. The disclosure for this sale can be found here. Corporate insiders own 2.99% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLG. Federated Investors Inc. PA raised its holdings in SL Green Realty by 127.1% during the second quarter. Federated Investors Inc. PA now owns 4,187 shares of the real estate investment trust’s stock worth $443,000 after acquiring an additional 2,343 shares in the last quarter. Pacer Advisors Inc. raised its holdings in SL Green Realty by 9.0% during the second quarter. Pacer Advisors Inc. now owns 2,459 shares of the real estate investment trust’s stock worth $260,000 after acquiring an additional 203 shares in the last quarter. Keybank National Association OH raised its holdings in SL Green Realty by 2.3% during the second quarter. Keybank National Association OH now owns 3,533 shares of the real estate investment trust’s stock worth $374,000 after acquiring an additional 79 shares in the last quarter. State of Tennessee Treasury Department raised its holdings in SL Green Realty by 1.4% during the second quarter. State of Tennessee Treasury Department now owns 27,852 shares of the real estate investment trust’s stock worth $2,947,000 after acquiring an additional 375 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in SL Green Realty by 1.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,565 shares of the real estate investment trust’s stock worth $800,000 after acquiring an additional 104 shares in the last quarter.
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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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