SL Green Realty Corporation (NYSE:SLG)’s share price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $103.92, but opened at $101.54. SL Green Realty Corporation shares last traded at $98.66, with a volume of 2,764,489 shares changing hands.

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 Corporation had a net margin of 7.20% and a return on equity of 1.43%. The firm had revenue of $319.50 million for the quarter, compared to the consensus estimate of $326.70 million. During the same quarter last year, the firm earned $1.63 EPS. The company’s revenue was down 4.5% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Monday, October 2nd were given a dividend of $0.775 per share. This represents a $3.10 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date was Friday, September 29th. SL Green Realty Corporation’s dividend payout ratio (DPR) is 319.59%.

A number of research analysts have weighed in on SLG shares. Morgan Stanley reiterated an “equal weight” rating and set a $104.00 price objective (down previously from $106.00) on shares of SL Green Realty Corporation in a research report on Friday, September 1st. Barclays PLC lowered their target price on shares of SL Green Realty Corporation from $110.00 to $109.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 1st. BMO Capital Markets lowered their target price on shares of SL Green Realty Corporation from $127.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday, September 21st. Jefferies Group LLC reissued a “hold” rating and set a $113.00 target price on shares of SL Green Realty Corporation in a research note on Thursday, August 3rd. Finally, KeyCorp reissued a “buy” rating and set a $130.00 target price on shares of SL Green Realty Corporation in a research note on Friday, August 25th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. SL Green Realty Corporation presently has a consensus rating of “Hold” and an average price target of $115.58.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in SL Green Realty Corporation by 0.8% in the second quarter. BlackRock Inc. now owns 9,414,955 shares of the real estate investment trust’s stock worth $996,102,000 after acquiring an additional 77,742 shares during the period. Boston Partners lifted its stake in SL Green Realty Corporation by 4.2% in the second quarter. Boston Partners now owns 3,137,553 shares of the real estate investment trust’s stock worth $331,953,000 after acquiring an additional 125,928 shares during the period. FMR LLC lifted its stake in SL Green Realty Corporation by 8.9% in the second quarter. FMR LLC now owns 2,846,095 shares of the real estate investment trust’s stock worth $301,117,000 after acquiring an additional 232,516 shares during the period. Lasalle Investment Management Securities LLC lifted its stake in SL Green Realty Corporation by 7.5% in the second quarter. Lasalle Investment Management Securities LLC now owns 2,349,685 shares of the real estate investment trust’s stock worth $248,597,000 after acquiring an additional 163,813 shares during the period. Finally, PGGM Investments lifted its stake in SL Green Realty Corporation by 2.4% in the second quarter. PGGM Investments now owns 1,944,802 shares of the real estate investment trust’s stock worth $205,760,000 after acquiring an additional 46,000 shares during the period.

The firm has a market capitalization of $9.76 billion, a P/E ratio of 101.40 and a beta of 1.20. The firm has a 50 day moving average price of $100.32 and a 200-day moving average price of $102.78.

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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.

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