SL Green Realty Corp (SLG) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of SL Green Realty Corp (NYSE:SLG) have been given a consensus rating of “Hold” by the nineteen brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $115.23.
A number of equities analysts recently weighed in on the stock. SunTrust Banks set a $115.00 target price on shares of SL Green Realty and gave the stock a “buy” rating in a research report on Saturday, October 21st. Barclays dropped their target price on shares of SL Green Realty from $111.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 1st. KeyCorp restated a “buy” rating and set a $130.00 target price on shares of SL Green Realty in a research report on Tuesday, September 26th. BMO Capital Markets restated a “buy” rating and set a $125.00 target price on shares of SL Green Realty in a research report on Wednesday, October 25th. Finally, Robert W. Baird upped their target price on shares of SL Green Realty from $120.00 to $121.00 and gave the stock an “outperform” rating in a research report on Monday, October 23rd.
In other news, CEO Marc Holliday sold 160,000 shares of the stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $100.63, for a total value of $16,100,800.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John S. Levy sold 6,000 shares of the stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $103.23, for a total transaction of $619,380.00. Following the completion of the sale, the director now directly owns 21,827 shares in the company, valued at approximately $2,253,201.21. The disclosure for this sale can be found here. 2.99% of the stock is owned by corporate insiders.
Shares of SL Green Realty (SLG) traded down $0.75 during trading hours on Tuesday, hitting $98.63. 1,039,838 shares of the company were exchanged, compared to its average volume of 787,917. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.38. SL Green Realty has a 12-month low of $93.92 and a 12-month high of $115.34. The company has a market capitalization of $9,700.00, a price-to-earnings ratio of 97.65, a price-to-earnings-growth ratio of 2.48 and a beta of 1.18.
SL Green Realty (NYSE:SLG) last issued its earnings results 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 return on equity of 1.54% and a net margin of 7.70%. The company had revenue of $319.50 million for the quarter, compared to the consensus estimate of $326.70 million. During the same quarter in the prior year, the company posted $1.63 EPS. SL Green Realty’s revenue was down 4.5% compared to the same quarter last year. equities research analysts anticipate that SL Green Realty will post 6.44 EPS for the current year.
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 dividend of $0.8125 per share. This is an increase from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Friday, December 29th. This represents a $3.25 dividend on an annualized basis and a yield of 3.30%. SL Green Realty’s dividend payout ratio is presently 321.78%.
SL Green Realty announced that its board has initiated a share buyback plan 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 reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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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