SL Green Realty Corp (NYSE:SLG) – Research analysts at SunTrust Banks increased their Q3 2018 earnings estimates for shares of SL Green Realty in a research note issued to investors on Friday. SunTrust Banks analyst M. Lewis now expects that the real estate investment trust will earn $1.67 per share for the quarter, up from their previous forecast of $1.66. SunTrust Banks has a “Buy” rating and a $110.00 price target on the stock. SunTrust Banks also issued estimates for SL Green Realty’s Q1 2019 earnings at $1.75 EPS, Q2 2019 earnings at $1.74 EPS, Q3 2019 earnings at $1.70 EPS, Q4 2019 earnings at $1.72 EPS, FY2019 earnings at $6.90 EPS, FY2020 earnings at $6.93 EPS, FY2021 earnings at $7.51 EPS and FY2022 earnings at $8.41 EPS.
SLG has been the topic of several other research reports. BMO Capital Markets reiterated a “buy” rating and issued a $125.00 price objective on shares of SL Green Realty in a report on Thursday, October 19th. Citigroup decreased their price objective on SL Green Realty from $125.00 to $123.00 and set a “buy” rating on the stock in a report on Monday, October 23rd. Barclays decreased their price objective on SL Green Realty from $111.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 1st. Zacks Investment Research upgraded SL Green Realty from a “sell” rating to a “hold” rating in a report on Tuesday, November 7th. Finally, BTIG Research upgraded SL Green Realty from a “neutral” rating to a “buy” rating in a report on Tuesday, December 5th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $114.83.
SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 24th. The real estate investment trust reported $1.60 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.60. The firm had revenue of $361.30 million for the quarter, compared to the consensus estimate of $320.48 million. SL Green Realty had a return on equity of 1.42% and a net margin of 6.71%. The company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.43 earnings per share.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Presima Inc. bought a new stake in shares of SL Green Realty in the fourth quarter worth about $5,248,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its position in SL Green Realty by 8.9% during the 4th quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 58,240 shares of the real estate investment trust’s stock valued at $5,913,000 after acquiring an additional 4,740 shares in the last quarter. Lourd Capital LLC bought a new stake in SL Green Realty during the 4th quarter valued at approximately $465,000. Strs Ohio boosted its position in SL Green Realty by 3.2% during the 4th quarter. Strs Ohio now owns 134,772 shares of the real estate investment trust’s stock valued at $13,602,000 after acquiring an additional 4,170 shares in the last quarter. Finally, Beech Hill Advisors Inc. bought a new stake in SL Green Realty during the 4th quarter valued at approximately $2,316,000.
In related news, CEO Marc Holliday sold 160,000 shares of the firm’s stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $100.63, for a total value of $16,100,800.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John S. Levy sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $103.23, for a total value of $619,380.00. Following the completion of the sale, the director now directly owns 21,827 shares in the company, valued at $2,253,201.21. The disclosure for this sale can be found here. 3.09% of the stock is owned by company insiders.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd were paid a $0.8125 dividend. The ex-dividend date was Friday, December 29th. This is a boost from SL Green Realty’s previous quarterly dividend of $0.78. This represents a $3.25 annualized dividend and a dividend yield of 3.32%. SL Green Realty’s dividend payout ratio (DPR) is presently 369.32%.
SL Green Realty announced that its board has authorized a stock buyback plan on Friday, December 1st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
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.
Receive News & Ratings for SL Green Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SL Green Realty and related companies with MarketBeat.com's FREE daily email newsletter.