Jefferies Group Equities Analysts Lower Earnings Estimates for SL Green Realty Corporation (SLG)
SL Green Realty Corporation (NYSE:SLG) – Stock analysts at Jefferies Group reduced their FY2017 earnings per share estimates for shares of SL Green Realty in a report issued on Monday. Jefferies Group analyst J. Petersen now anticipates that the real estate investment trust will post earnings per share of $6.42 for the year, down from their prior estimate of $6.50. Jefferies Group also issued estimates for SL Green Realty’s Q1 2018 earnings at $1.57 EPS, Q2 2018 earnings at $1.71 EPS, Q3 2018 earnings at $1.70 EPS, Q4 2018 earnings at $1.74 EPS, FY2018 earnings at $6.63 EPS, Q1 2019 earnings at $1.82 EPS, Q2 2019 earnings at $1.81 EPS, Q3 2019 earnings at $1.73 EPS and FY2019 earnings at $7.03 EPS.
Several other equities analysts have also recently issued reports on the company. Morgan Stanley reissued an “equal weight” rating and issued a $104.00 price objective (down previously from $106.00) on shares of SL Green Realty in a report on Friday, September 1st. Zacks Investment Research cut SL Green Realty from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Citigroup decreased their price objective on SL Green Realty from $125.00 to $123.00 and set a “buy” rating for the company in a report on Monday, October 23rd. SunTrust Banks set a $115.00 price target on SL Green Realty and gave the company a “buy” rating in a research note on Saturday, October 21st. Finally, BMO Capital Markets restated a “buy” rating and issued a $125.00 price target on shares of SL Green Realty in a research note on Wednesday, October 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. SL Green Realty presently has a consensus rating of “Hold” and a consensus target price of $115.62.
SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($1.17). The company had revenue of $319.50 million during the quarter, compared to analyst estimates of $326.70 million. SL Green Realty had a net margin of 7.70% and a return on equity of 1.54%. The business’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same period last year, the firm earned $1.63 EPS.
SL Green Realty announced that its board has approved a stock buyback program on Friday, December 1st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be paid a $0.8125 dividend. This represents a $3.25 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, December 29th. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.78. SL Green Realty’s payout ratio is currently 300.97%.
Institutional investors have recently made changes to their positions in the stock. AXA increased its stake in SL Green Realty by 81.2% during the 3rd quarter. AXA now owns 157,301 shares of the real estate investment trust’s stock worth $15,938,000 after buying an additional 70,513 shares in the last quarter. Delphi Management Inc. MA purchased a new stake in SL Green Realty during the 3rd quarter worth approximately $750,000. Davis Selected Advisers increased its stake in SL Green Realty by 31.7% during the 3rd quarter. Davis Selected Advisers now owns 117,429 shares of the real estate investment trust’s stock worth $11,898,000 after buying an additional 28,235 shares in the last quarter. California Public Employees Retirement System increased its stake in SL Green Realty by 2.9% during the 3rd quarter. California Public Employees Retirement System now owns 220,441 shares of the real estate investment trust’s stock worth $22,335,000 after buying an additional 6,171 shares in the last quarter. Finally, Bamco Inc. NY increased its stake in SL Green Realty by 60.2% during the 3rd quarter. Bamco Inc. NY now owns 160,166 shares of the real estate investment trust’s stock worth $16,228,000 after buying an additional 60,166 shares in the last quarter.
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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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