SL Green Realty (SLG) Updates FY17 Earnings Guidance
SL Green Realty (NYSE:SLG) updated its FY17 earnings guidance on Monday. The company provided earnings per share guidance of 6.40-6.50 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.42. SL Green Realty also updated its FY18 guidance to $6.65-6.75 EPS.
Several research firms have recently issued reports on SLG. BTIG Research upgraded shares of SL Green Realty from a neutral rating to a buy rating in a report on Tuesday. SunTrust Banks set a $117.00 target price on SL Green Realty and gave the company a buy rating in a research report on Tuesday. Zacks Investment Research lowered SL Green Realty from a hold rating to a sell rating in a research report on Tuesday, October 17th. KeyCorp reiterated a buy rating and issued a $130.00 target price on shares of SL Green Realty in a research report on Tuesday, September 26th. Finally, BMO Capital Markets reiterated a buy rating and issued a $125.00 target price on shares of SL Green Realty in a research report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. SL Green Realty has a consensus rating of Hold and an average price target of $115.62.
Shares of SL Green Realty (SLG) opened at $102.61 on Wednesday. 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 52-week low of $93.92 and a 52-week high of $115.34. The company has a market capitalization of $10,214.72, a P/E ratio of 16.58, a price-to-earnings-growth ratio of 2.69 and a beta of 1.18.
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 Thomson Reuters’ consensus estimate of $1.57 by ($1.17). SL Green Realty had a return on equity of 1.54% and a net margin of 7.70%. The company had revenue of $319.50 million during the quarter, compared to analysts’ expectations of $326.70 million. During the same quarter in the prior year, the company posted $1.63 EPS. The company’s revenue for the quarter was down 4.5% on a year-over-year basis. sell-side analysts forecast that SL Green Realty will post 6.43 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd will be given a dividend of $0.8125 per share. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date is Friday, December 29th. This represents a $3.25 dividend on an annualized basis and a dividend yield of 3.17%. SL Green Realty’s dividend payout ratio (DPR) is 300.97%.
SL Green Realty declared that its Board of Directors has initiated a share repurchase plan on Friday, December 1st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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