SL Green Realty Corp (NYSE:SLG) – Equities researchers at KeyCorp lowered their FY2019 earnings per share estimates for SL Green Realty in a research report issued on Tuesday, November 5th. KeyCorp analyst C. Mailman now forecasts that the real estate investment trust will earn $6.98 per share for the year, down from their prior estimate of $6.99. KeyCorp also issued estimates for SL Green Realty’s FY2020 earnings at $6.92 EPS.
Several other equities research analysts have also issued reports on SLG. Zacks Investment Research raised SL Green Realty from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a research note on Wednesday, September 11th. Goldman Sachs Group initiated coverage on SL Green Realty in a research note on Friday. They issued a “buy” rating and a $96.00 price objective for the company. Citigroup decreased their price target on SL Green Realty from $105.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, September 6th. SunTrust Banks decreased their price target on SL Green Realty to $100.00 and set a “buy” rating for the company in a research note on Monday, October 21st. They noted that the move was a valuation call. Finally, Scotiabank lowered SL Green Realty from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $96.00 to $84.00 in a research note on Friday, August 16th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $93.49.
SLG stock opened at $86.00 on Friday. SL Green Realty has a fifty-two week low of $75.46 and a fifty-two week high of $97.59. The business’s 50-day moving average is $81.86 and its two-hundred day moving average is $82.74. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.91 and a current ratio of 1.65. The company has a market cap of $7.00 billion, a price-to-earnings ratio of 12.99, a P/E/G ratio of 3.14 and a beta of 1.06.
SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.33). SL Green Realty had a net margin of 15.37% and a return on equity of 3.18%. The firm had revenue of $248.03 million during the quarter, compared to the consensus estimate of $243.02 million. During the same period in the prior year, the company posted $1.69 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its holdings in SL Green Realty by 0.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 6,426,522 shares of the real estate investment trust’s stock worth $516,499,000 after purchasing an additional 31,325 shares during the period. Invesco Ltd. boosted its stake in shares of SL Green Realty by 62.3% during the second quarter. Invesco Ltd. now owns 2,652,268 shares of the real estate investment trust’s stock worth $213,162,000 after buying an additional 1,018,128 shares during the period. Nuveen Asset Management LLC boosted its stake in shares of SL Green Realty by 942.8% during the second quarter. Nuveen Asset Management LLC now owns 1,586,903 shares of the real estate investment trust’s stock worth $127,539,000 after buying an additional 1,434,729 shares during the period. Northern Trust Corp boosted its stake in shares of SL Green Realty by 1.1% during the second quarter. Northern Trust Corp now owns 1,311,739 shares of the real estate investment trust’s stock worth $105,424,000 after buying an additional 13,695 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of SL Green Realty by 1.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,218,427 shares of the real estate investment trust’s stock worth $97,925,000 after buying an additional 13,878 shares during the period. Institutional investors own 99.96% of the company’s stock.
The firm also recently declared a — dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.85 per share. This represents a dividend yield of 4.2%. The ex-dividend date was Friday, September 27th. SL Green Realty’s dividend payout ratio is currently 51.36%.
About SL Green Realty
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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