Shares of SL Green Realty Corp (NYSE:SLG) have been given a consensus rating of “Hold” by the nineteen analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $115.62.
SLG has been the subject of a number of research analyst reports. Morgan Stanley restated an “equal weight” rating and set a $104.00 price objective (down from $106.00) on shares of SL Green Realty in a research report on Friday, September 1st. Zacks Investment Research cut shares of SL Green Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Citigroup reduced their price objective on shares of SL Green Realty from $125.00 to $123.00 and set a “buy” rating for the company in a research report on Monday, October 23rd. KeyCorp set a $130.00 price objective on shares of SL Green Realty and gave the stock a “buy” rating in a research report on Sunday, October 29th. Finally, BMO Capital Markets restated a “buy” rating and set a $125.00 price objective on shares of SL Green Realty in a research report on Wednesday, October 25th.
In other news, Director John S. Levy sold 6,000 shares of the stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $103.23, for a total value of $619,380.00. Following the completion of the sale, the director now directly owns 21,827 shares in the company, valued at $2,253,201.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.09% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of SLG. Long Pond Capital LP raised its position in shares of SL Green Realty by 60.3% in the third quarter. Long Pond Capital LP now owns 2,740,082 shares of the real estate investment trust’s stock valued at $277,625,000 after buying an additional 1,031,232 shares during the last quarter. Brookfield Asset Management Inc. raised its position in shares of SL Green Realty by 41.6% in the second quarter. Brookfield Asset Management Inc. now owns 1,702,965 shares of the real estate investment trust’s stock valued at $180,174,000 after buying an additional 500,665 shares during the last quarter. Standard Life Investments LTD acquired a new stake in shares of SL Green Realty in the second quarter valued at about $52,928,000. Koch Industries Inc. acquired a new stake in shares of SL Green Realty in the second quarter valued at about $316,000. Finally, APG Asset Management US Inc. raised its position in shares of SL Green Realty by 35.9% in the third quarter. APG Asset Management US Inc. now owns 1,130,500 shares of the real estate investment trust’s stock valued at $114,542,000 after buying an additional 298,500 shares during the last quarter.
SL Green Realty (NYSE SLG) traded up $0.10 on Friday, hitting $103.23. 1,904,900 shares of the company traded hands, compared to its average volume of 755,754. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.11 and a current ratio of 0.11. The firm has a market cap of $10,111.54, a PE ratio of 16.41, a P/E/G ratio of 2.66 and a beta of 1.18. SL Green Realty has a 1 year low of $93.92 and a 1 year high of $115.34.
SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.57 by ($1.17). The company had revenue of $319.50 million for the quarter, compared to analyst estimates of $326.70 million. SL Green Realty had a return on equity of 1.54% and a net margin of 7.70%. The business’s revenue was down 4.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.63 earnings per share. analysts forecast that SL Green Realty will post 6.44 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd will be given a $0.8125 dividend. This represents a $3.25 dividend on an annualized basis and a dividend yield of 3.15%. This is a boost 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 dividend payout ratio is 300.97%.
SL Green Realty announced that its Board of Directors has approved a share buyback plan 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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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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