Wall Street analysts expect SL Green Realty Corp (NYSE:SLG) to report $255.96 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for SL Green Realty’s earnings, with the lowest sales estimate coming in at $236.60 million and the highest estimate coming in at $266.82 million. SL Green Realty posted sales of $281.33 million in the same quarter last year, which would indicate a negative year over year growth rate of 9%. The business is scheduled to report its next quarterly earnings report on Wednesday, April 18th.
According to Zacks, analysts expect that SL Green Realty will report full year sales of $255.96 million for the current fiscal year, with estimates ranging from $950.10 million to $1.08 billion. For the next financial year, analysts anticipate that the business will report sales of $1.04 billion per share, with estimates ranging from $925.20 million to $1.10 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover SL Green Realty.
SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, January 24th. The real estate investment trust reported $1.60 earnings per share for the quarter, hitting the consensus estimate of $1.60. The business had revenue of $361.30 million during the quarter, compared to the consensus estimate of $320.48 million. SL Green Realty had a net margin of 6.71% and a return on equity of 1.42%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.43 earnings per share.
In related news, Director John S. Levy sold 6,000 shares of the business’s stock in a transaction dated 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 owns 21,827 shares in the company, valued at $2,253,201.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Holliday purchased 7,880 shares of SL Green Realty stock in a transaction that occurred on Monday, January 29th. The shares were bought at an average price of $25.20 per share, for a total transaction of $198,576.00. Following the transaction, the chief executive officer now directly owns 88,900 shares of the company’s stock, valued at $2,240,280. The disclosure for this purchase can be found here. Insiders sold 169,400 shares of company stock worth $17,038,862 in the last 90 days. Corporate insiders own 2.99% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC purchased a new position in shares of SL Green Realty during the fourth quarter valued at about $133,000. Kemper Corp Master Retirement Trust purchased a new position in shares of SL Green Realty during the fourth quarter valued at about $204,000. Capital Investment Counsel Inc purchased a new position in shares of SL Green Realty during the third quarter valued at about $213,000. American Investment Services Inc. purchased a new position in shares of SL Green Realty during the fourth quarter valued at about $240,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of SL Green Realty during the third quarter valued at about $270,000.
Shares of SL Green Realty (NYSE:SLG) opened at $96.25 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.11 and a quick ratio of 0.11. The firm has a market cap of $9,520.00, a price-to-earnings ratio of 113.24, a price-to-earnings-growth ratio of 2.38 and a beta of 1.12. SL Green Realty has a one year low of $89.46 and a one year high of $115.34.
SL Green Realty declared that its board has initiated a share repurchase plan on Friday, December 1st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
About SL Green Realty
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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