Zacks Investment Research upgraded shares of SL Green Realty Corporation (NYSE:SLG) from a sell rating to a hold rating in a report released on Monday, October 30th.
According to Zacks, “Shares of SL Green have underperformed its industry year to date. However, the Zacks Consensus Estimate for current year funds from operations (FFO) per share remained unchanged over the past week. Notably, SL Green enjoys high-quality office properties as well as diverse tenant base, makes opportunistic investments and has solid balance-sheet strength. In addition, its leasing activity is likely to remain decent amid an improving economy and job market environment. Also, in September the company acquired stake in Worldwide Plaza through a partnership with private investment manager RXR Realty. However, SL Green faces intense competition from developers, owners and operators of office properties and other commercial real estate which limits its pricing power. Moreover, rate hike add to its woes.”
SLG has been the subject of several other reports. SunTrust Banks, Inc. set a $115.00 target price on shares of SL Green Realty Corporation and gave the stock a buy rating in a report on Saturday, October 21st. UBS AG raised shares of SL Green Realty Corporation from a neutral rating to a buy rating and set a $117.00 target price for the company in a report on Thursday, July 13th. BMO Capital Markets reaffirmed a buy rating and issued a $127.00 price objective on shares of SL Green Realty Corporation in a report on Tuesday, July 4th. KeyCorp reaffirmed a buy rating and issued a $130.00 price objective on shares of SL Green Realty Corporation in a report on Tuesday, September 26th. Finally, Citigroup Inc. cut their price objective on shares of SL Green Realty Corporation from $129.00 to $125.00 and set a buy rating for the company in a report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. SL Green Realty Corporation currently has a consensus rating of Hold and a consensus price target of $115.00.
SL Green Realty Corporation (NYSE:SLG) traded up $0.17 during trading on Monday, reaching $100.06. 934,600 shares of the company were exchanged, compared to its average volume of 738,720. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.11 and a quick ratio of 0.11. SL Green Realty Corporation has a 12 month low of $93.92 and a 12 month high of $115.34. The stock has a market cap of $9,815.76, a price-to-earnings ratio of 15.93, a P/E/G ratio of 2.59 and a beta of 1.16.
SL Green Realty Corporation (NYSE:SLG) last issued its quarterly earnings data on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($1.17). The business had revenue of $319.50 million for the quarter, compared to analysts’ expectations of $326.70 million. SL Green Realty Corporation had a net margin of 7.70% and a return on equity of 1.54%. The business’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.63 earnings per share. equities analysts predict that SL Green Realty Corporation will post 6.44 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Monday, October 2nd were issued a $0.775 dividend. The ex-dividend date of this dividend was Friday, September 29th. This represents a $3.10 annualized dividend and a dividend yield of 3.10%. SL Green Realty Corporation’s dividend payout ratio is currently 300.97%.
Several hedge funds have recently modified their holdings of SLG. Somerset Trust Co increased its stake in SL Green Realty Corporation by 0.5% during the 2nd quarter. Somerset Trust Co now owns 4,052 shares of the real estate investment trust’s stock worth $429,000 after buying an additional 19 shares during the period. Keybank National Association OH increased its stake in SL Green Realty Corporation by 2.3% during the 2nd quarter. Keybank National Association OH now owns 3,533 shares of the real estate investment trust’s stock worth $374,000 after buying an additional 79 shares during the period. Louisiana State Employees Retirement System increased its stake in SL Green Realty Corporation by 1.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 6,300 shares of the real estate investment trust’s stock worth $667,000 after buying an additional 100 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of SL Green Realty Corporation by 1.4% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,565 shares of the real estate investment trust’s stock valued at $800,000 after purchasing an additional 104 shares during the last quarter. Finally, GAM Holding AG increased its position in shares of SL Green Realty Corporation by 1.1% in the 2nd quarter. GAM Holding AG now owns 12,259 shares of the real estate investment trust’s stock valued at $1,297,000 after purchasing an additional 135 shares during the last quarter.
SL Green Realty Corporation 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for SL Green Realty Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SL Green Realty Corporation and related companies with MarketBeat.com's FREE daily email newsletter.