SL Green Realty (NYSE:SLG) Announces Earnings Results

SL Green Realty (NYSE:SLG) released its earnings results on Wednesday. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.08), Zacks reports. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%.

SL Green Realty Stock Down 2.9%

SLG stock traded down $1.32 during trading on Wednesday, hitting $43.59. 1,469,364 shares of the company’s stock traded hands, compared to its average volume of 1,182,575. The business has a fifty day simple moving average of $46.01 and a two-hundred day simple moving average of $52.84. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.03. SL Green Realty has a 1 year low of $40.26 and a 1 year high of $68.14. The firm has a market capitalization of $3.11 billion, a P/E ratio of 4,363.36 and a beta of 1.60.

SL Green Realty Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were issued a $0.2575 dividend. This represents a c) annualized dividend and a dividend yield of 7.1%. The ex-dividend date was Friday, November 28th. SL Green Realty’s payout ratio is presently 30,900.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SLG shares. Mizuho cut their target price on SL Green Realty from $67.00 to $47.00 and set a “neutral” rating on the stock in a research note on Friday, December 12th. Zacks Research cut shares of SL Green Realty from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Deutsche Bank Aktiengesellschaft set a $45.00 target price on shares of SL Green Realty in a research report on Tuesday, January 6th. Scotiabank decreased their price target on shares of SL Green Realty from $66.00 to $61.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, January 14th. Finally, Bank of America cut their price objective on shares of SL Green Realty from $64.00 to $61.00 and set a “neutral” rating for the company in a research report on Friday, October 17th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $55.94.

Insider Transactions at SL Green Realty

In related news, insider Andrew S. Levine sold 1,493 shares of the stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.27, for a total value of $67,588.11. Following the completion of the transaction, the insider directly owned 7,045 shares of the company’s stock, valued at $318,927.15. This trade represents a 17.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Marc Holliday sold 22,223 shares of the firm’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total transaction of $986,701.20. Following the completion of the transaction, the chief executive officer directly owned 9,698 shares of the company’s stock, valued at approximately $430,591.20. This represents a 69.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.04% of the company’s stock.

Institutional Trading of SL Green Realty

A number of hedge funds have recently added to or reduced their stakes in SLG. AQR Capital Management LLC boosted its position in SL Green Realty by 74.8% during the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock worth $1,519,000 after purchasing an additional 11,506 shares in the last quarter. United Services Automobile Association purchased a new position in shares of SL Green Realty during the 1st quarter valued at approximately $253,000. Empowered Funds LLC grew its stake in SL Green Realty by 10.9% in the 1st quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock valued at $425,000 after acquiring an additional 722 shares during the period. Creative Planning purchased a new stake in SL Green Realty in the 2nd quarter worth $421,000. Finally, California Public Employees Retirement System raised its position in SL Green Realty by 4.6% during the second quarter. California Public Employees Retirement System now owns 131,528 shares of the real estate investment trust’s stock worth $8,142,000 after acquiring an additional 5,789 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.