SL Green Realty Corp (SLG) to Post FY2018 Earnings of $6.75 Per Share, Jefferies Group Forecasts

SL Green Realty Corp (NYSE:SLG) – Equities research analysts at Jefferies Group raised their FY2018 earnings per share estimates for SL Green Realty in a note issued to investors on Tuesday. Jefferies Group analyst J. Petersen now expects that the real estate investment trust will post earnings per share of $6.75 for the year, up from their previous estimate of $6.70. Jefferies Group also issued estimates for SL Green Realty’s FY2019 earnings at $7.09 EPS.

Several other research analysts also recently commented on the stock. SunTrust Banks set a $115.00 price objective on shares of SL Green Realty and gave the company a “buy” rating in a report on Saturday, October 21st. Barclays dropped their price objective on shares of SL Green Realty from $111.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, November 1st. BMO Capital Markets reissued a “buy” rating and set a $125.00 price objective on shares of SL Green Realty in a report on Wednesday, October 25th. Robert W. Baird increased their price objective on shares of SL Green Realty from $120.00 to $121.00 and gave the company an “outperform” rating in a report on Monday, October 23rd. Finally, Citigroup dropped their price objective on shares of SL Green Realty from $125.00 to $123.00 and set a “buy” rating for the company in a report on Monday, October 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $114.83.

SL Green Realty (NYSE:SLG) opened at $98.07 on Friday. The firm has a market cap of $9,233.90, a price-to-earnings ratio of 111.44, a P/E/G ratio of 2.46 and a beta of 1.12. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.51. SL Green Realty has a 1-year low of $92.95 and a 1-year high of $115.34.

SL Green Realty (NYSE:SLG) last issued its 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 company 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%. SL Green Realty’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.43 EPS.

A number of institutional investors have recently bought and sold shares of SLG. Long Pond Capital LP raised its position in SL Green Realty by 60.3% in the 3rd quarter. Long Pond Capital LP now owns 2,740,082 shares of the real estate investment trust’s stock worth $277,625,000 after purchasing an additional 1,031,232 shares during the period. Brookfield Asset Management Inc. raised its position in SL Green Realty by 41.6% in the 2nd quarter. Brookfield Asset Management Inc. now owns 1,702,965 shares of the real estate investment trust’s stock worth $180,174,000 after purchasing an additional 500,665 shares during the period. Koch Industries Inc. purchased a new stake in SL Green Realty in the 2nd quarter worth about $316,000. APG Asset Management US Inc. raised its position in SL Green Realty by 35.9% in the 3rd quarter. APG Asset Management US Inc. now owns 1,130,500 shares of the real estate investment trust’s stock worth $114,542,000 after purchasing an additional 298,500 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in SL Green Realty in the 2nd quarter worth about $23,174,000.

In related news, Director John S. Levy sold 6,000 shares of the stock in a transaction dated 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 transaction, the director now owns 21,827 shares of the company’s stock, valued at approximately $2,253,201.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Marc Holliday acquired 7,880 shares of SL Green Realty stock in a transaction that occurred on Monday, January 29th. The stock was purchased at an average cost of $25.20 per share, for a total transaction of $198,576.00. Following the completion of the transaction, the chief executive officer now directly owns 88,900 shares in the company, valued at $2,240,280. The disclosure for this purchase can be found here. 3.09% of the stock is currently owned by company insiders.

SL Green Realty announced that its board has authorized a share buyback program 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 purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd were issued a $0.8125 dividend. This is an increase from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date was Friday, December 29th. This represents a $3.25 dividend on an annualized basis and a dividend yield of 3.31%. SL Green Realty’s dividend payout ratio (DPR) is presently 369.32%.

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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.

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

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