Oppenheimer Asset Management Inc. Sells 728 Shares of SL Green Realty Corp (SLG)
Oppenheimer Asset Management Inc. reduced its stake in SL Green Realty Corp (NYSE:SLG) by 9.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,144 shares of the real estate investment trust’s stock after selling 728 shares during the period. Oppenheimer Asset Management Inc.’s holdings in SL Green Realty were worth $724,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Investment Counsel Inc acquired a new stake in SL Green Realty in the 3rd quarter valued at $213,000. BB&T Securities LLC acquired a new stake in SL Green Realty in the 2nd quarter valued at $226,000. Pacer Advisors Inc. increased its holdings in SL Green Realty by 9.0% in the 2nd quarter. Pacer Advisors Inc. now owns 2,459 shares of the real estate investment trust’s stock valued at $260,000 after purchasing an additional 203 shares in the last quarter. TLP Group LLC acquired a new stake in SL Green Realty in the 2nd quarter valued at $260,000. Finally, Global X Management Co. LLC increased its holdings in SL Green Realty by 14.9% in the 2nd quarter. Global X Management Co. LLC now owns 2,466 shares of the real estate investment trust’s stock valued at $261,000 after purchasing an additional 320 shares in the last quarter.
SL Green Realty Corp (NYSE:SLG) opened at $103.23 on Friday. 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 firm has a market cap of $10,134.14, a PE ratio of 16.45, a price-to-earnings-growth ratio of 2.67 and a beta of 1.18. SL Green Realty Corp has a 12-month low of $93.92 and a 12-month high of $115.34.
SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($1.17). SL Green Realty had a net margin of 7.70% and a return on equity of 1.54%. The firm had revenue of $319.50 million during the quarter, compared to analysts’ expectations of $326.70 million. During the same period in the previous year, the company earned $1.63 earnings per share. The business’s quarterly revenue was down 4.5% on a year-over-year basis. equities research analysts predict that SL Green Realty Corp will post 6.44 earnings per share for the current year.
SL Green Realty declared that its Board of Directors has approved a stock repurchase program on Friday, December 1st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The business also recently declared 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 boost from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Friday, December 29th. This represents a $3.25 annualized dividend and a dividend yield of 3.15%. SL Green Realty’s dividend payout ratio (DPR) is presently 300.97%.
In other 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 transaction of $619,380.00. Following the transaction, the director now owns 21,827 shares of the company’s stock, valued at $2,253,201.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.09% of the company’s stock.
Several brokerages recently issued reports on SLG. Zacks Investment Research downgraded SL Green Realty from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Stifel Nicolaus decreased their price objective on shares of SL Green Realty from $112.00 to $105.00 and set a “hold” rating for the company in a research report on Tuesday, October 24th. Robert W. Baird upped their price objective on shares of SL Green Realty from $120.00 to $121.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. SunTrust Banks set a $117.00 price objective on shares of SL Green Realty and gave the company a “buy” rating in a research report on Tuesday, December 5th. Finally, KeyCorp reissued a “buy” rating and issued a $130.00 price objective on shares of SL Green Realty in a research report on Tuesday, September 26th. One research 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’s stock. The stock has an average rating of “Hold” and a consensus price target of $115.62.
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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