Insider Selling: SL Green Realty Corp (NYSE:SLG) CEO Sells 160,000 Shares of Stock

SL Green Realty Corp (NYSE:SLG) CEO Marc Holliday sold 160,000 shares of SL Green Realty stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $100.63, for a total value of $16,100,800.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

SL Green Realty Corp (SLG) opened at $95.47 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.11 and a current ratio of 0.11. SL Green Realty Corp has a 1 year low of $93.92 and a 1 year high of $115.34. The company has a market capitalization of $9,381.46, a price-to-earnings ratio of 15.23, a PEG ratio of 2.37 and a beta of 1.18.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data 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 company had revenue of $319.50 million for the quarter, compared to the consensus estimate of $326.70 million. During the same quarter in the previous year, the firm posted $1.63 earnings per share. The business’s revenue for the quarter was down 4.5% compared to the same quarter last year. sell-side analysts forecast that SL Green Realty Corp will post 6.44 earnings per share for the current fiscal year.

SL Green Realty announced that its board has initiated a share repurchase 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 repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be paid a dividend of $0.8125 per share. This represents a $3.25 dividend on an annualized basis and a dividend yield of 3.40%. This is a positive change 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 payout ratio is presently 315.54%.

Large investors have recently added to or reduced their stakes in the stock. 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 bought a new stake in shares of SL Green Realty during the 2nd quarter valued at $226,000. Pacer Advisors Inc. raised its stake 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 valued at $260,000 after purchasing an additional 203 shares during the period. TLP Group LLC bought a new stake in shares of SL Green Realty during the 2nd quarter valued at $260,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of SL Green Realty during the 3rd quarter valued at $270,000.

Several research analysts have weighed in on the company. BMO Capital Markets reissued a “buy” rating and issued a $120.00 price objective on shares of SL Green Realty in a research report on Tuesday, January 9th. SunTrust Banks set a $117.00 price objective on SL Green Realty and gave the stock a “buy” rating in a research report on Tuesday, December 5th. BTIG Research raised SL Green Realty from a “neutral” rating to a “buy” rating in a research report on Tuesday, December 5th. Zacks Investment Research raised SL Green Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, November 7th. Finally, Barclays cut their price objective on SL Green Realty from $111.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $115.50.

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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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