SL Green Realty Corp (NYSE:SLG) – Stock analysts at Jefferies Group decreased their FY2018 EPS estimates for SL Green Realty in a research report issued to clients and investors on Tuesday. Jefferies Group analyst J. Petersen now anticipates that the real estate investment trust will earn $6.70 per share for the year, down from their previous forecast of $6.72.
SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 EPS 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 business had revenue of $319.50 million during the quarter, compared to analysts’ expectations of $326.70 million. During the same period in the prior year, the business posted $1.63 EPS. The business’s revenue was down 4.5% on a year-over-year basis.
Shares of SL Green Realty (NYSE:SLG) traded up $0.08 during mid-day trading on Thursday, hitting $95.07. 850,000 shares of the stock were exchanged, compared to its average volume of 777,018. SL Green Realty has a fifty-two week low of $93.92 and a fifty-two week high of $115.34. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.11 and a current ratio of 0.11. The stock has a market cap of $9,334.26, a P/E ratio of 92.30, a PEG ratio of 2.36 and a beta of 1.18.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLG. Long Pond Capital LP grew its holdings in SL Green Realty by 60.3% during the 3rd quarter. Long Pond Capital LP now owns 2,740,082 shares of the real estate investment trust’s stock valued at $277,625,000 after purchasing an additional 1,031,232 shares in the last quarter. Brookfield Asset Management Inc. grew its holdings in SL Green Realty by 41.6% during the 2nd quarter. Brookfield Asset Management Inc. now owns 1,702,965 shares of the real estate investment trust’s stock worth $180,174,000 after acquiring an additional 500,665 shares in the last quarter. Koch Industries Inc. acquired a new position in SL Green Realty during the 2nd quarter worth $316,000. APG Asset Management US Inc. grew its holdings in SL Green Realty by 35.9% during the 3rd quarter. APG Asset Management US Inc. now owns 1,130,500 shares of the real estate investment trust’s stock worth $114,542,000 after acquiring an additional 298,500 shares in the last quarter. Finally, FMR LLC grew its holdings in SL Green Realty by 8.9% during the 2nd quarter. FMR LLC now owns 2,846,095 shares of the real estate investment trust’s stock worth $301,117,000 after acquiring an additional 232,516 shares in the last quarter.
In related news, CEO Marc Holliday sold 160,000 shares of the firm’s stock in a transaction 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John S. Levy sold 6,000 shares of the firm’s 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 sale, the director now directly owns 21,827 shares of the company’s stock, valued at $2,253,201.21. The disclosure for this sale can be found here. 3.09% of the stock is currently owned by company insiders.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd were issued a dividend of $0.8125 per share. This represents a $3.25 dividend on an annualized basis and a yield of 3.42%. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date was Friday, December 29th. SL Green Realty’s dividend payout ratio (DPR) is presently 315.54%.
SL Green Realty declared that its Board of Directors has authorized a stock buyback program on Friday, December 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication 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.
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