BMO Capital Markets Reaffirms “Buy” Rating for SL Green Realty (SLG)

BMO Capital Markets reaffirmed their buy rating on shares of SL Green Realty (NYSE:SLG) in a research note issued to investors on Tuesday. The firm currently has a $120.00 price target on the real estate investment trust’s stock.

SLG has been the topic of a number of other research reports. SunTrust Banks set a $115.00 target price on shares of SL Green Realty and gave the stock a buy rating in a report on Saturday, October 21st. Barclays lowered their target price on shares of 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. KeyCorp restated a buy rating and issued a $130.00 target price on shares of SL Green Realty in a report on Tuesday, September 26th. Robert W. Baird upped their target price on shares of SL Green Realty from $120.00 to $121.00 and gave the stock an outperform rating in a report on Monday, October 23rd. Finally, Citigroup lowered their target price on shares of SL Green Realty from $125.00 to $123.00 and set a buy rating on the stock in a report on Monday, October 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $115.50.

SL Green Realty (NYSE:SLG) traded down $2.55 on Tuesday, hitting $96.08. 993,821 shares of the company were exchanged, compared to its average volume of 817,329. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.38. SL Green Realty has a 12 month low of $93.92 and a 12 month high of $115.34. The firm has a market cap of $9,700.00, a price-to-earnings ratio of 95.13, a PEG ratio of 2.48 and a beta of 1.18.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing the Zacks’ 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 during the quarter, compared to analyst estimates of $326.70 million. During the same quarter in the prior year, the company earned $1.63 EPS. The company’s revenue was down 4.5% on a year-over-year basis. sell-side analysts predict that SL Green Realty will post 6.44 earnings per share for the current fiscal year.

SL Green Realty announced that its Board of Directors has initiated a share buyback program 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 purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd will be given a $0.8125 dividend. This represents a $3.25 dividend on an annualized basis and a yield of 3.38%. This is an increase from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Friday, December 29th. SL Green Realty’s dividend payout ratio is presently 321.78%.

In other SL Green Realty news, CEO Marc Holliday sold 160,000 shares of the company’s stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $100.63, for a total value of $16,100,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John S. Levy sold 6,000 shares of the stock in a transaction that occurred 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 transaction, 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. Corporate insiders own 2.99% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Capital Investment Counsel Inc bought a new position in shares of SL Green Realty during the 3rd quarter valued at approximately $213,000. Pacer Advisors Inc. grew its position in shares of SL Green Realty by 9.0% during the 2nd 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 during the period. TLP Group LLC bought a new position in shares of SL Green Realty during the 2nd quarter valued at approximately $260,000. Cubist Systematic Strategies LLC bought a new position in shares of SL Green Realty during the 3rd quarter valued at approximately $270,000. Finally, Koch Industries Inc. bought a new position in shares of SL Green Realty during the 2nd quarter valued at approximately $316,000.

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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.

Analyst Recommendations for SL Green Realty (NYSE:SLG)

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