$1.59 EPS Expected for SL Green Realty Corp (SLG) This Quarter

Wall Street analysts expect that SL Green Realty Corp (NYSE:SLG) will announce earnings per share (EPS) of $1.59 for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for SL Green Realty’s earnings, with the lowest EPS estimate coming in at $1.55 and the highest estimate coming in at $1.64. SL Green Realty posted earnings per share of $1.43 during the same quarter last year, which would indicate a positive year-over-year growth rate of 11.2%. The business is scheduled to report its next quarterly earnings report after the market closes on Wednesday, January 24th.

On average, analysts expect that SL Green Realty will report full-year earnings of $6.44 per share for the current year, with EPS estimates ranging from $6.40 to $6.47. For the next financial year, analysts forecast that the company will post earnings of $6.70 per share, with EPS estimates ranging from $6.62 to $6.75. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that follow SL Green Realty.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, October 18th. 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). The company had revenue of $319.50 million during the quarter, compared to analyst estimates of $326.70 million. SL Green Realty had a net margin of 7.70% and a return on equity of 1.54%. The business’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period last year, the company earned $1.63 EPS.

Several brokerages recently commented on SLG. SunTrust Banks set a $115.00 price objective on SL Green Realty and gave the stock a “buy” rating in a research note on Saturday, October 21st. 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. KeyCorp reaffirmed a “buy” rating and set a $130.00 price objective on shares of SL Green Realty in a research note on Tuesday, September 26th. BMO Capital Markets reaffirmed a “buy” rating and set a $125.00 price objective on shares of SL Green Realty in a research note on Wednesday, October 25th. Finally, Robert W. Baird raised their price objective on SL Green Realty from $120.00 to $121.00 and gave the stock an “outperform” rating in a research note on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $115.50.

Shares of SL Green Realty (SLG) traded down $0.26 during trading on Tuesday, reaching $95.47. The company had a trading volume of 616,500 shares, compared to its average volume of 778,011. The firm has a market cap of $9,381.43, a P/E ratio of 92.69, a PEG ratio of 2.38 and a beta of 1.18. SL Green Realty has a twelve month low of $93.92 and a twelve month high of $115.34. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.11 and a quick ratio of 0.11.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd will be issued a dividend of $0.8125 per share. 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 315.54%.

SL Green Realty declared that its board has initiated a share buyback program on Friday, December 1st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

In other SL Green Realty news, Director John S. Levy sold 6,000 shares of the stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $103.23, for a total transaction of $619,380.00. Following the completion of the transaction, the director now owns 21,827 shares in the company, valued at approximately $2,253,201.21. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Marc Holliday sold 160,000 shares of the stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $100.63, for a total value of $16,100,800.00. The disclosure for this sale can be found here. 2.99% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in SLG. Capital Investment Counsel Inc bought a new position in shares of SL Green Realty in the 3rd quarter valued at about $213,000. TLP Group LLC bought a new position in shares of SL Green Realty in the 2nd quarter valued at about $260,000. Cubist Systematic Strategies LLC bought a new position in shares of SL Green Realty in the 3rd quarter valued at about $270,000. Koch Industries Inc. bought a new position in shares of SL Green Realty in the 2nd quarter valued at about $316,000. Finally, ING Groep NV bought a new position in shares of SL Green Realty in the 3rd quarter valued at about $350,000.

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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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Earnings History and Estimates for SL Green Realty (NYSE:SLG)

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