SL Green Realty Corp (SLG) Receives $115.23 Consensus Target Price from Analysts
Shares of SL Green Realty Corp (NYSE:SLG) have earned a consensus rating of “Hold” from the eighteen research firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $115.50.
A number of brokerages have recently issued reports on SLG. BMO Capital Markets reiterated a “buy” rating and set a $125.00 price objective on shares of SL Green Realty in a research note on Thursday, October 19th. Citigroup dropped their price objective on SL Green Realty from $125.00 to $123.00 and set a “buy” rating on the stock in a research note on Monday, October 23rd. Barclays dropped their price objective on SL Green Realty from $111.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 1st. Zacks Investment Research upgraded SL Green Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, November 7th. Finally, KeyCorp set a $130.00 price objective on SL Green Realty and gave the stock a “buy” rating in a research note on Sunday, October 29th.
In related news, CEO Marc Holliday sold 160,000 shares of the stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $100.63, for a total value of $16,100,800.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John S. Levy sold 6,000 shares of the stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $103.23, for a total value of $619,380.00. Following the completion of the sale, the director now owns 21,827 shares in the company, valued at approximately $2,253,201.21. The disclosure for this sale can be found here. 2.99% of the stock is currently owned by corporate insiders.
SL Green Realty (NYSE SLG) traded down $0.26 during midday trading on Tuesday, reaching $95.47. The company’s stock had a trading volume of 616,582 shares, compared to its average volume of 778,011. The company has a market cap of $9,380.00, a PE ratio of 94.52, a price-to-earnings-growth ratio of 2.48 and a beta of 1.18. 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 has a 12-month low of $93.92 and a 12-month high of $115.34.
SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($1.17). The firm had revenue of $319.50 million during the quarter, compared to the consensus estimate of $326.70 million. SL Green Realty had a net margin of 7.70% and a return on equity of 1.54%. The company’s revenue was down 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.63 EPS. sell-side analysts forecast that SL Green Realty will post 6.44 earnings per share for the current fiscal year.
SL Green Realty announced that its board has authorized a share repurchase plan on Friday, December 1st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be paid a $0.8125 dividend. This represents a $3.25 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date is Friday, December 29th. This is a boost from SL Green Realty’s previous quarterly dividend of $0.78. SL Green Realty’s dividend payout ratio is 321.78%.
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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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