SL Green Realty (NYSE:SLG) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21, Fidelity Earnings reports. SL Green Realty had a net margin of 19.88% and a return on equity of 3.97%. The business had revenue of $244.96 million for the quarter, compared to analysts’ expectations of $241.61 million. During the same quarter last year, the company posted $1.69 earnings per share. The company’s quarterly revenue was up 2.7% compared to the same quarter last year.
SLG opened at $83.38 on Friday. The firm has a market capitalization of $6.85 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 3.24 and a beta of 1.09. SL Green Realty has a fifty-two week low of $76.77 and a fifty-two week high of $106.54. The stock’s 50-day simple moving average is $84.18. The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.98.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $0.85 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $3.40 annualized dividend and a yield of 4.08%. SL Green Realty’s dividend payout ratio (DPR) is 51.36%.
Several equities analysts have recently commented on the stock. ValuEngine cut shares of Virtu Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, June 18th. BMO Capital Markets reduced their price target on shares of Pentair to $39.00 and set a “market perform” rating on the stock in a research report on Thursday, April 18th. Zacks Investment Research raised shares of Green Brick Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Morgan Stanley assumed coverage on shares of in a research report on Monday, June 17th. They set an “equal weight” rating and a GBX 215 ($2.81) price target on the stock. Finally, Deutsche Bank reduced their price target on shares of Vornado Realty Trust from $80.00 to $73.00 and set a “hold” rating on the stock in a research report on Wednesday, April 10th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $97.39.
In related news, Director Betsy S. Atkins sold 6,470 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $86.08, for a total transaction of $556,937.60. Following the sale, the director now owns 3,214 shares in the company, valued at $276,661.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.99% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLG. Norges Bank acquired a new stake in shares of SL Green Realty in the fourth quarter valued at approximately $73,769,000. Millennium Management LLC increased its stake in shares of SL Green Realty by 339.1% in the fourth quarter. Millennium Management LLC now owns 234,379 shares of the real estate investment trust’s stock valued at $18,535,000 after purchasing an additional 181,006 shares during the period. Long Pond Capital LP increased its stake in shares of SL Green Realty by 38.3% in the first quarter. Long Pond Capital LP now owns 546,211 shares of the real estate investment trust’s stock valued at $49,115,000 after purchasing an additional 151,211 shares during the period. Bank of America Corp DE increased its stake in shares of SL Green Realty by 22.0% in the fourth quarter. Bank of America Corp DE now owns 458,729 shares of the real estate investment trust’s stock valued at $36,277,000 after purchasing an additional 82,664 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of SL Green Realty by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 1,332,281 shares of the real estate investment trust’s stock valued at $105,202,000 after purchasing an additional 78,771 shares during the period. Hedge funds and other institutional investors own 97.33% of the company’s stock.
SL Green Realty Company Profile
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.
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