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.

A number of other equities research analysts have also weighed in on the stock. Morgan Stanley restated an “equal weight” rating and issued a $104.00 price objective (down from $106.00) on shares of SL Green Realty in a report on Friday, September 1st. Zacks Investment Research lowered shares of SL Green Realty from a “hold” rating to a “sell” rating in a 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 on the stock in a report on Monday, October 23rd. BMO Capital Markets restated a “buy” rating and issued a $125.00 price objective on shares of SL Green Realty in a report on Wednesday, October 25th. Finally, KeyCorp set a $130.00 price target on shares of SL Green Realty and gave the stock a “buy” rating in a research note on Sunday, October 29th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. SL Green Realty has a consensus rating of “Hold” and an average price target of $115.62.

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%.

TRADEMARK VIOLATION NOTICE: This story was reported by American Banking News and is the sole property of of American Banking News. If you are viewing this story on another publication, it was stolen and reposted in violation of U.S. & international copyright & trademark laws. The correct version of this story can be viewed at https://www.americanbankingnews.com/2017/12/06/suntrust-banks-equities-analysts-boost-earnings-estimates-for-sl-green-realty-corporation-slg.html.

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.

Earnings History and Estimates for SL Green Realty (NYSE:SLG)

Receive News & Ratings for SL Green Realty Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SL Green Realty Corporation and related companies with MarketBeat.com's FREE daily email newsletter.