SL Green Realty Corp to Post FY2017 Earnings of $6.42 Per Share, Jefferies Group Forecasts (SLG)

SL Green Realty Corp (NYSE:SLG) – Analysts at Jefferies Group decreased their FY2017 earnings per share (EPS) estimates for SL Green Realty in a research note issued on Monday. Jefferies Group analyst J. Petersen now forecasts that the real estate investment trust will earn $6.42 per share for the year, down from their prior estimate of $6.50. Jefferies Group also issued estimates for SL Green Realty’s Q1 2018 earnings at $1.57 EPS, Q2 2018 earnings at $1.71 EPS, Q3 2018 earnings at $1.70 EPS, Q4 2018 earnings at $1.74 EPS, FY2018 earnings at $6.63 EPS, Q1 2019 earnings at $1.82 EPS, Q2 2019 earnings at $1.81 EPS, Q3 2019 earnings at $1.73 EPS and FY2019 earnings at $7.03 EPS.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, October 18th. The real estate investment trust reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $1.57 by ($1.17). The business 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 firm’s revenue was down 4.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.63 EPS.

A number of other analysts also recently commented on the stock. SunTrust Banks set a $117.00 price objective on shares of SL Green Realty and gave the company a “buy” rating in a report on Tuesday. BTIG Research upgraded shares of SL Green Realty from a “neutral” rating to a “buy” rating in a report on Tuesday. BMO Capital Markets reiterated a “buy” rating and issued a $125.00 price objective on shares of SL Green Realty in a report on Wednesday, November 22nd. Zacks Investment Research upgraded shares of SL Green Realty from a “sell” rating to a “hold” rating in a report on Tuesday, November 7th. Finally, Barclays cut 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $115.62.

Shares of SL Green Realty (SLG) opened at $101.82 on Wednesday. The company has a market cap of $10,083.04, a PE ratio of 16.36, a price-to-earnings-growth ratio of 2.66 and a beta of 1.18. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.38. SL Green Realty has a 1-year low of $93.92 and a 1-year high of $115.34.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd will be issued a dividend of $0.8125 per share. The ex-dividend date of this dividend is Friday, December 29th. This represents a $3.25 dividend on an annualized basis and a dividend yield of 3.19%. This is an increase from SL Green Realty’s previous quarterly dividend of $0.78. SL Green Realty’s dividend payout ratio (DPR) is currently 300.97%.

SL Green Realty declared that its board has authorized a share buyback program on Friday, December 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Several hedge funds and other institutional investors have recently made changes to their positions in SLG. Capital Investment Counsel Inc acquired a new stake in shares of SL Green Realty during the 3rd quarter worth approximately $213,000. BB&T Securities LLC purchased a new position in shares of SL Green Realty during the 2nd quarter worth approximately $226,000. Pacer Advisors Inc. boosted its position in shares of SL Green Realty by 9.0% during the 2nd quarter. Pacer Advisors Inc. now owns 2,459 shares of the real estate investment trust’s stock worth $260,000 after purchasing an additional 203 shares during the period. TLP Group LLC purchased a new position in shares of SL Green Realty during the 2nd quarter worth approximately $260,000. Finally, Global X Management Co. LLC boosted its position in shares of SL Green Realty by 14.9% during the 2nd quarter. Global X Management Co. LLC now owns 2,466 shares of the real estate investment trust’s stock worth $261,000 after purchasing an additional 320 shares during the period.

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SL Green Realty 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.

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

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