SL Green Realty Corp (NYSE:SLG) – Research analysts at KeyCorp raised their FY2017 earnings per share (EPS) estimates for shares of SL Green Realty in a note issued to investors on Wednesday. KeyCorp analyst C. Mailman now anticipates that the real estate investment trust will earn $6.44 per share for the year, up from their previous forecast of $6.42. KeyCorp has a “Buy” rating and a $130.00 price objective on the stock. KeyCorp also issued estimates for SL Green Realty’s Q4 2017 earnings at $1.59 EPS and FY2018 earnings at $6.71 EPS.
SLG has been the topic of a number of other research reports. Morgan Stanley restated an “equal weight” rating and set a $104.00 price target (down previously from $106.00) on shares of SL Green Realty in a research note on Friday, September 1st. BMO Capital Markets restated a “buy” rating and issued a $125.00 price target on shares of SL Green Realty in a research note on Thursday, October 19th. Citigroup reduced their price objective on SL Green Realty from $125.00 to $123.00 and set a “buy” rating for the company in a report on Monday, October 23rd. Barclays reduced their price objective on SL Green Realty from $111.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, November 1st. Finally, Zacks Investment Research raised SL Green Realty from a “sell” rating to a “hold” rating in a report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. SL Green Realty currently has a consensus rating of “Hold” and a consensus price target of $115.62.
SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share 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 business had revenue of $319.50 million for the quarter, compared to analysts’ expectations of $326.70 million. During the same quarter in the prior year, the company posted $1.63 earnings per share. The business’s revenue for the quarter was down 4.5% compared to the same quarter last year.
SL Green Realty announced that its Board of Directors has authorized a stock buyback program on Friday, December 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd will be given a dividend of $0.8125 per share. This represents a $3.25 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is 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 300.97%.
A number of hedge funds have recently bought and sold shares of SLG. Long Pond Capital LP grew its position in SL Green Realty by 60.3% during the third 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 acquiring an additional 1,031,232 shares during the period. Brookfield Asset Management Inc. grew its position in SL Green Realty by 41.6% during the second quarter. Brookfield Asset Management Inc. now owns 1,702,965 shares of the real estate investment trust’s stock valued at $180,174,000 after acquiring an additional 500,665 shares during the period. Standard Life Investments LTD purchased a new stake in SL Green Realty during the second quarter valued at about $52,928,000. Koch Industries Inc. purchased a new stake in SL Green Realty during the second quarter valued at about $316,000. Finally, APG Asset Management US Inc. grew its position in SL Green Realty by 35.9% during the third quarter. APG Asset Management US Inc. now owns 1,130,500 shares of the real estate investment trust’s stock valued at $114,542,000 after acquiring an additional 298,500 shares during the period.
SL Green Realty Company Profile
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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