SL Green Realty Corp (NYSE:SLG)’s share price rose 7.5% during trading on Wednesday following a dividend announcement from the company. The company traded as high as $47.60 and last traded at $50.66, approximately 76,813 shares were traded during trading. A decline of 95% from the average daily volume of 1,424,858 shares. The stock had previously closed at $47.13.
The newly announced dividend which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.295 dividend. This represents a dividend yield of 7.3%. The ex-dividend date is Monday, March 30th. SL Green Realty’s dividend payout ratio is currently 50.57%.
Several research firms recently weighed in on SLG. SunTrust Banks dropped their price objective on SL Green Realty from $85.00 to $81.00 and set a “buy” rating for the company in a research note on Thursday. Barclays boosted their target price on SL Green Realty from $107.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 14th. Bank of America raised SL Green Realty from a “neutral” rating to a “buy” rating and set a $103.00 target price on the stock in a report on Wednesday, December 11th. ValuEngine cut SL Green Realty from a “hold” rating to a “sell” rating in a research report on Friday, February 21st. Finally, Citigroup lifted their price target on SL Green Realty from $97.00 to $104.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $92.75.
The company has a debt-to-equity ratio of 0.97, a current ratio of 1.62 and a quick ratio of 1.62. The company has a market cap of $3.67 billion, a price-to-earnings ratio of 15.81, a PEG ratio of 2.40 and a beta of 1.23. The business’s 50-day simple moving average is $78.04 and its 200-day simple moving average is $84.07.
SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, January 22nd. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.74 by ($1.52). The business had revenue of $218.50 million for the quarter, compared to analyst estimates of $216.14 million. SL Green Realty had a return on equity of 4.56% and a net margin of 21.83%. As a group, sell-side analysts forecast that SL Green Realty Corp will post 7.32 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Institute for Wealth Management LLC. acquired a new position in shares of SL Green Realty in the fourth quarter valued at approximately $26,000. Mine & Arao Wealth Creation & Management LLC. purchased a new position in shares of SL Green Realty during the 4th quarter worth $28,000. Evoke Wealth LLC lifted its stake in shares of SL Green Realty by 114.6% during the 4th quarter. Evoke Wealth LLC now owns 337 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 180 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of SL Green Realty during the fourth quarter worth $55,000. Finally, Quadrant Capital Group LLC acquired a new stake in shares of SL Green Realty during the fourth quarter worth $65,000. Institutional investors own 98.89% of the company’s stock.
About SL Green Realty (NYSE:SLG)
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 March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.
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