SunTrust Banks Equities Analysts Boost Earnings Estimates for SL Green Realty Corporation (SLG)
SL Green Realty Corporation (NYSE:SLG) – Equities research analysts at SunTrust Banks raised their Q4 2017 earnings estimates for shares of SL Green Realty in a report issued on Tuesday. SunTrust Banks analyst M. Lewis now anticipates that the real estate investment trust will post earnings per share of $1.64 for the quarter, up from their prior estimate of $1.61. SunTrust Banks currently has a “Buy” rating and a $117.00 price target on the stock. SunTrust Banks also issued estimates for SL Green Realty’s Q1 2018 earnings at $1.67 EPS, Q2 2018 earnings at $1.68 EPS, Q3 2018 earnings at $1.66 EPS, Q4 2018 earnings at $1.74 EPS, FY2018 earnings at $6.75 EPS, FY2019 earnings at $6.82 EPS and FY2020 earnings at $6.67 EPS.
SL Green Realty (NYSE:SLG) last announced 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). 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 quarter in the previous year, the business posted $1.63 earnings per share. SL Green Realty’s revenue for the quarter was down 4.5% compared to the same quarter last year.
Shares of SL Green Realty (NYSE:SLG) opened at $102.61 on Wednesday. SL Green Realty has a fifty-two week low of $93.92 and a fifty-two week high of $115.34. The firm has a market cap of $10,214.72, a price-to-earnings ratio of 16.58, a PEG ratio of 2.69 and a beta of 1.18. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.11 and a quick ratio of 0.11.
Institutional investors have recently modified their holdings of the business. Capital Investment Counsel Inc purchased a new position in SL Green Realty during the 3rd quarter worth $213,000. BB&T Securities LLC purchased a new position in SL Green Realty during the 2nd quarter worth $226,000. Pacer Advisors Inc. grew its position in SL Green Realty by 9.0% during the 2nd quarter. Pacer Advisors Inc. now owns 2,459 shares of the real estate investment trust’s stock worth $260,000 after purchasing an additional 203 shares during the last quarter. TLP Group LLC purchased a new position in SL Green Realty during the 2nd quarter worth $260,000. Finally, Global X Management Co. LLC grew its position in SL Green Realty by 14.9% during the 2nd quarter. Global X Management Co. LLC now owns 2,466 shares of the real estate investment trust’s stock worth $261,000 after purchasing an additional 320 shares during the last quarter.
SL Green Realty declared that its Board of Directors has initiated a stock buyback program on Friday, December 1st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
The business 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 dividend of $0.8125 per share. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.78. This represents a $3.25 annualized dividend and a yield of 3.17%. The ex-dividend date is Friday, December 29th. SL Green Realty’s dividend payout ratio (DPR) is currently 300.97%.
About SL Green Realty
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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