SL Green Realty Corp. (SLG) to Release Quarterly Earnings on Wednesday
SL Green Realty Corp. (NYSE:SLG) will be issuing its Q316 quarterly earnings data on Wednesday, October 19th. Analysts expect the company to announce earnings of ($0.02) per share and revenue of $12.00 million for the quarter.
SL Green Realty Corp. (NYSE:SLG) last issued its quarterly earnings data on Wednesday, July 20th. The real estate investment trust reported $3.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.10 by $0.29. SL Green Realty Corp. had a return on equity of 5.57% and a net margin of 22.61%. The business earned $617.60 million during the quarter, compared to analysts’ expectations of $343.44 million. During the same period in the previous year, the firm posted $1.62 earnings per share. The company’s revenue was up 34.7% on a year-over-year basis.
Shares of SL Green Realty Corp. (NYSE:SLG) opened at 105.17 on Tuesday. SL Green Realty Corp. has a 52 week low of $80.12 and a 52 week high of $121.94. The stock has a 50 day moving average price of $110.52 and a 200-day moving average price of $107.31. The firm has a market capitalization of $10.55 billion, a PE ratio of 25.01 and a beta of 1.27.
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The company also recently declared a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Friday, September 30th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date was Wednesday, September 28th. SL Green Realty Corp.’s dividend payout ratio is currently 68.41%.
In related news, Director Craig M. Hatkoff sold 20,500 shares of SL Green Realty Corp. stock in a transaction on Monday, July 25th. The stock was sold at an average price of $115.41, for a total value of $2,365,905.00. Following the transaction, the director now owns 7,404 shares in the company, valued at $854,495.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edwin T. Burton III sold 300 shares of SL Green Realty Corp. stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $116.50, for a total value of $34,950.00. Following the completion of the transaction, the director now owns 6,579 shares in the company, valued at approximately $766,453.50. The disclosure for this sale can be found here. 3.09% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of SLG. BlackRock Investment Management LLC raised its position in SL Green Realty Corp. by 0.6% in the second quarter. BlackRock Investment Management LLC now owns 215,707 shares of the real estate investment trust’s stock valued at $22,966,000 after buying an additional 1,277 shares during the period. BlackRock Fund Advisors raised its position in SL Green Realty Corp. by 1.7% in the second quarter. BlackRock Fund Advisors now owns 2,939,061 shares of the real estate investment trust’s stock valued at $312,922,000 after buying an additional 48,725 shares during the period. BlackRock Group LTD raised its position in SL Green Realty Corp. by 0.5% in the second quarter. BlackRock Group LTD now owns 1,280,278 shares of the real estate investment trust’s stock valued at $136,312,000 after buying an additional 6,996 shares during the period. US Bancorp DE raised its position in SL Green Realty Corp. by 20.5% in the second quarter. US Bancorp DE now owns 3,850 shares of the real estate investment trust’s stock valued at $410,000 after buying an additional 654 shares during the period. Finally, South Dakota Investment Council bought a new position in SL Green Realty Corp. during the second quarter valued at approximately $607,000.
SLG has been the topic of a number of research reports. TheStreet upgraded SL Green Realty Corp. from a “hold” rating to a “buy” rating in a report on Thursday, July 21st. JPMorgan Chase & Co. restated a “buy” rating on shares of SL Green Realty Corp. in a report on Wednesday, July 20th. BMO Capital Markets upped their price target on SL Green Realty Corp. from $129.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, August 12th. Stifel Nicolaus upped their price target on SL Green Realty Corp. from $117.00 to $121.00 and gave the stock a “buy” rating in a report on Monday, July 25th. Finally, Jefferies Group lowered their price target on SL Green Realty Corp. from $133.00 to $131.00 and set a “buy” rating on the stock in a report on Tuesday, August 23rd. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $119.07.
About SL Green Realty Corp.
SL Green Realty Corp. is a self-managed real estate investment trust, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing. The Company acquires, owns, repositions, manages and leases commercial office, retail and multifamily properties in the New York Metropolitan area.
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