BMO Capital Markets reaffirmed their buy rating on shares of SL Green Realty (NYSE:SLG) in a report issued on Wednesday, November 22nd. They currently have a $125.00 price objective on the real estate investment trust’s stock.
A number of other analysts have also recently issued reports on SLG. Bank of America cut SL Green Realty from a buy rating to a neutral rating and decreased their target price for the stock from $113.00 to $110.00 in a report on Wednesday, August 16th. Zacks Investment Research cut SL Green Realty from a hold rating to a sell rating in a report on Tuesday, October 17th. Stifel Nicolaus decreased their price target on SL Green Realty from $112.00 to $105.00 and set a hold rating for the company in a report on Tuesday, October 24th. BidaskClub cut SL Green Realty from a sell rating to a strong sell rating in a report on Monday, July 31st. Finally, Robert W. Baird upped their price target on SL Green Realty from $120.00 to $121.00 and gave the stock an outperform rating in a report on Monday, October 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $115.62.
Shares of SL Green Realty (NYSE:SLG) traded down $0.57 during mid-day trading on Wednesday, reaching $101.82. 893,020 shares of the company traded hands, compared to its average volume of 748,713. SL Green Realty has a 12-month low of $93.92 and a 12-month high of $115.34. The firm has a market cap of $10,083.04, a P/E ratio of 16.36, a price-to-earnings-growth ratio of 2.66 and a beta of 1.18. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.38.
SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing the consensus estimate 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 firm 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 EPS. The company’s revenue for the quarter was down 4.5% compared to the same quarter last year. sell-side analysts predict that SL Green Realty will post 6.43 EPS for the current year.
SL Green Realty declared that its board has initiated a stock buyback program on Friday, December 1st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd will be paid a $0.8125 dividend. This is a boost from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date is Friday, December 29th. This represents a $3.25 annualized dividend and a dividend yield of 3.19%. SL Green Realty’s dividend payout ratio is presently 300.97%.
A number of hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL acquired a new position in shares of SL Green Realty in the 1st quarter valued at $203,000. Capital Investment Counsel Inc purchased a new stake in SL Green Realty in the 3rd quarter worth about $213,000. OppenheimerFunds Inc. lifted its stake in SL Green Realty by 13.0% in the 1st quarter. OppenheimerFunds Inc. now owns 2,136 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 246 shares in the last quarter. BB&T Securities LLC purchased a new stake in SL Green Realty in the 2nd quarter worth about $226,000. Finally, Parametrica Management Ltd purchased a new stake in SL Green Realty in the 2nd quarter worth about $244,000.
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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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