SL Green Realty Corporation (NYSE:SLG) – Equities research analysts at Jefferies Group dropped their Q4 2017 EPS estimates for shares of SL Green Realty in a report issued on Monday. Jefferies Group analyst J. Petersen now forecasts that the real estate investment trust will post earnings of $1.58 per share for the quarter, down from their prior forecast of $1.59.
SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing the 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 business had revenue of $319.50 million for the quarter, compared to the consensus estimate of $326.70 million. During the same quarter last year, the business posted $1.63 earnings per share. The firm’s revenue for the quarter was down 4.5% compared to the same quarter last year.
Shares of SL Green Realty (SLG) opened at $102.61 on Tuesday. SL Green Realty has a 52-week low of $93.92 and a 52-week high of $115.34. The firm has a market capitalization 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 quick ratio of 0.11 and a current ratio of 0.11.
Hedge funds have recently added to or reduced their stakes in the stock. Capital Investment Counsel Inc bought a new stake in shares of SL Green Realty in the third quarter valued at about $213,000. BB&T Securities LLC bought a new stake in shares of SL Green Realty in the second quarter valued at about $226,000. Pacer Advisors Inc. raised its holdings in shares of SL Green Realty by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,459 shares of the real estate investment trust’s stock valued at $260,000 after acquiring an additional 203 shares in the last quarter. TLP Group LLC bought a new stake in shares of SL Green Realty in the second quarter valued at about $260,000. Finally, Global X Management Co. LLC raised its holdings in shares of SL Green Realty by 14.9% in the second quarter. Global X Management Co. LLC now owns 2,466 shares of the real estate investment trust’s stock valued at $261,000 after acquiring an additional 320 shares in the last quarter.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be issued a $0.8125 dividend. This is an increase from SL Green Realty’s previous quarterly dividend of $0.78. This represents a $3.25 annualized dividend and a dividend yield of 3.17%. The ex-dividend date is Friday, December 29th. SL Green Realty’s payout ratio is presently 300.97%.
SL Green Realty announced that its board has authorized a stock repurchase plan on Friday, December 1st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is 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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