SL Green Realty Corporation (SLG) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of SL Green Realty Corporation (NYSE:SLG) from a sell rating to a hold rating in a research report sent to investors on Monday morning.
According to Zacks, “Shares of SL Green have underperformed its industry year to date. However, the Zacks Consensus Estimate for current year funds from operations (FFO) per share remained unchanged over the past week. Notably, SL Green enjoys high-quality office properties as well as diverse tenant base, makes opportunistic investments and has solid balance-sheet strength. In addition, its leasing activity is likely to remain decent amid an improving economy and job market environment. Also, in September the company acquired stake in Worldwide Plaza through a partnership with private investment manager RXR Realty. However, SL Green faces intense competition from developers, owners and operators of office properties and other commercial real estate which limits its pricing power. Moreover, rate hike add to its woes.”
Several other equities research analysts have also recently weighed in on the stock. Morgan Stanley reaffirmed an equal weight rating and issued a $104.00 price target (down previously from $106.00) on shares of SL Green Realty Corporation in a research report on Friday, September 1st. Barclays PLC lowered their price target on shares of SL Green Realty Corporation from $111.00 to $110.00 and set an equal weight rating for the company in a research report on Tuesday, July 18th. BMO Capital Markets reaffirmed a buy rating and issued a $127.00 price target on shares of SL Green Realty Corporation in a research report on Tuesday, July 4th. Citigroup Inc. lowered their price target on shares of SL Green Realty Corporation from $129.00 to $125.00 and set a buy rating for the company in a research report on Wednesday, July 26th. Finally, KeyCorp reaffirmed a buy rating and issued a $130.00 price target on shares of SL Green Realty Corporation in a research report on Friday, August 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $115.00.
SL Green Realty Corporation (NYSE:SLG) last announced its quarterly earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($1.17). SL Green Realty Corporation had a return on equity of 1.51% and a net margin of 7.70%. The business 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 posted $1.63 EPS. SL Green Realty Corporation’s revenue for the quarter was down 4.5% on a year-over-year basis.
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The business also recently declared a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Monday, October 2nd were paid a dividend of $0.775 per share. The ex-dividend date was Friday, September 29th. This represents a $3.10 dividend on an annualized basis and a yield of 3.26%. SL Green Realty Corporation’s payout ratio is 300.97%.
A number of institutional investors have recently modified their holdings of SLG. OppenheimerFunds Inc. increased its stake in SL Green Realty Corporation by 13.0% during the 1st quarter. OppenheimerFunds Inc. now owns 2,136 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 246 shares in the last quarter. Wellington Management Group LLP increased its stake in SL Green Realty Corporation by 6.4% during the 1st quarter. Wellington Management Group LLP now owns 47,188 shares of the real estate investment trust’s stock valued at $5,031,000 after purchasing an additional 2,845 shares in the last quarter. Jane Street Group LLC acquired a new position in SL Green Realty Corporation during the 1st quarter valued at approximately $502,000. Tudor Investment Corp ET AL acquired a new position in SL Green Realty Corporation during the 1st quarter valued at approximately $203,000. Finally, Achmea Investment Management B.V. acquired a new position in SL Green Realty Corporation during the 1st quarter valued at approximately $224,000.
About SL Green Realty Corporation
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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