SL Green Realty Corp (NYSE:SLG) – Research analysts at Jefferies Financial Group dropped their Q4 2018 earnings estimates for shares of SL Green Realty in a research note issued to investors on Monday, December 3rd. Jefferies Financial Group analyst J. Petersen now forecasts that the real estate investment trust will earn $1.56 per share for the quarter, down from their previous estimate of $1.74. Jefferies Financial Group also issued estimates for SL Green Realty’s Q2 2019 earnings at $1.75 EPS, Q3 2019 earnings at $1.74 EPS and Q1 2020 earnings at $1.76 EPS.
SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, October 17th. The real estate investment trust reported $1.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.69 by ($0.66). The company had revenue of $250.87 million during the quarter, compared to analysts’ expectations of $242.18 million. SL Green Realty had a net margin of 26.46% and a return on equity of 5.05%. The firm’s revenue was down 21.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.49 earnings per share.
SLG has been the topic of a number of other reports. JPMorgan Chase & Co. cut shares of SL Green Realty from an “overweight” rating to a “neutral” rating in a research note on Friday, October 5th. ValuEngine upgraded shares of SL Green Realty from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. TheStreet cut shares of SL Green Realty from a “b-” rating to a “c+” rating in a research note on Friday, November 2nd. SunTrust Banks reiterated a “hold” rating and issued a $107.00 target price on shares of SL Green Realty in a research note on Tuesday. Finally, Robert W. Baird cut shares of SL Green Realty from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $109.00 to $103.00 in a research note on Tuesday, October 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $108.27.
SLG opened at $95.71 on Thursday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.93 and a current ratio of 1.93. The stock has a market capitalization of $8.06 billion, a price-to-earnings ratio of 14.57, a P/E/G ratio of 3.16 and a beta of 1.09. SL Green Realty has a twelve month low of $89.46 and a twelve month high of $106.54.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Wednesday, January 2nd will be paid a dividend of $0.85 per share. This is a boost from SL Green Realty’s previous quarterly dividend of $0.81. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend is Monday, December 31st. SL Green Realty’s dividend payout ratio is presently 50.39%.
In related news, CFO Matthew J. Diliberto sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 29th. The shares were sold at an average price of $92.27, for a total transaction of $3,229,450.00. Following the sale, the chief financial officer now directly owns 36,234 shares in the company, valued at approximately $3,343,311.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew J. Diliberto sold 3,967 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $92.07, for a total transaction of $365,241.69. Following the sale, the chief financial officer now owns 36,234 shares in the company, valued at $3,336,064.38. The disclosure for this sale can be found here. Corporate insiders own 3.65% of the company’s stock.
Several hedge funds have recently made changes to their positions in SLG. Piedmont Investment Advisors LLC purchased a new stake in shares of SL Green Realty during the 2nd quarter valued at approximately $104,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in SL Green Realty during the 2nd quarter worth approximately $798,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in SL Green Realty by 4.9% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 356,789 shares of the real estate investment trust’s stock worth $35,868,000 after acquiring an additional 16,808 shares during the period. Comerica Bank increased its holdings in SL Green Realty by 56.5% during the 2nd quarter. Comerica Bank now owns 40,811 shares of the real estate investment trust’s stock worth $4,090,000 after acquiring an additional 14,731 shares during the period. Finally, KBC Group NV increased its holdings in SL Green Realty by 30.9% during the 2nd quarter. KBC Group NV now owns 49,016 shares of the real estate investment trust’s stock worth $4,928,000 after acquiring an additional 11,580 shares during the period.
About SL Green Realty
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2018, SL Green held interests in 106 Manhattan buildings totaling 46.4 million square feet.
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