SL Green Realty Corp (NYSE:SLG) – Research analysts at Jefferies Group lifted their FY2019 earnings estimates for SL Green Realty in a note issued to investors on Tuesday. Jefferies Group analyst J. Petersen now expects that the real estate investment trust will post earnings per share of $7.13 for the year, up from their previous estimate of $7.12.

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 analysts’ consensus estimates 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 firm had revenue of $319.50 million during the quarter, compared to analysts’ expectations of $326.70 million. During the same period in the previous year, the firm earned $1.63 EPS. The firm’s quarterly revenue was down 4.5% on a year-over-year basis.

A number of other research analysts also recently issued reports on SLG. BMO Capital Markets reaffirmed a “buy” rating and issued a $120.00 price objective on shares of SL Green Realty in a research report on Tuesday, January 9th. KeyCorp reaffirmed a “buy” rating and issued a $130.00 price objective on shares of SL Green Realty in a research report on Tuesday, September 26th. Stifel Nicolaus cut their price objective on shares of SL Green Realty from $112.00 to $105.00 and set a “hold” rating on the stock in a research report on Tuesday, October 24th. SunTrust Banks set a $117.00 price objective on shares of SL Green Realty and gave the stock a “buy” rating in a research report on Tuesday, December 5th. Finally, Barclays cut their price objective on shares of SL Green Realty from $111.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $115.50.

Shares of SL Green Realty (NYSE:SLG) traded up $0.08 during trading on Wednesday, hitting $95.07. 850,050 shares of the stock were exchanged, compared to its average volume of 777,018. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.11 and a current ratio of 0.11. SL Green Realty has a 52-week low of $93.92 and a 52-week high of $115.34. The stock has a market cap of $9,310.00, a P/E ratio of 94.13, a P/E/G ratio of 2.38 and a beta of 1.18.

Large investors have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. boosted its holdings in shares of SL Green Realty by 3.3% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 914,652 shares of the real estate investment trust’s stock valued at $92,316,000 after acquiring an additional 28,809 shares during the last quarter. AXA boosted its holdings in shares of SL Green Realty by 81.2% in the 3rd quarter. AXA now owns 157,301 shares of the real estate investment trust’s stock valued at $15,938,000 after acquiring an additional 70,513 shares during the last quarter. Delphi Management Inc. MA purchased a new stake in shares of SL Green Realty in the 3rd quarter valued at $750,000. Davis Selected Advisers boosted its holdings in shares of SL Green Realty by 31.7% in the 3rd quarter. Davis Selected Advisers now owns 117,429 shares of the real estate investment trust’s stock valued at $11,898,000 after acquiring an additional 28,235 shares during the last quarter. Finally, California Public Employees Retirement System boosted its holdings in shares of SL Green Realty by 2.9% in the 3rd quarter. California Public Employees Retirement System now owns 220,441 shares of the real estate investment trust’s stock valued at $22,335,000 after acquiring an additional 6,171 shares during the last quarter.

In other SL Green Realty news, CEO Marc Holliday sold 160,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $100.63, for a total transaction of $16,100,800.00. The transaction 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 business’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $103.23, for a total transaction of $619,380.00. Following 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 currently owned by insiders.

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd were given a dividend of $0.8125 per share. This represents a $3.25 annualized dividend and a yield of 3.42%. The ex-dividend date was Friday, December 29th. This is an increase from SL Green Realty’s previous quarterly dividend of $0.78. SL Green Realty’s payout ratio is currently 321.78%.

SL Green Realty announced that its board has approved a stock repurchase plan on Friday, December 1st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors 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.

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

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