SL Green Realty Corp Expected to Earn FY2018 Earnings of $6.55 Per Share (SLG)

SL Green Realty Corp (NYSE:SLG) – Equities research analysts at SunTrust Banks dropped their FY2018 EPS estimates for shares of SL Green Realty in a report issued on Tuesday, December 4th. SunTrust Banks analyst M. Lewis now forecasts that the real estate investment trust will post earnings per share of $6.55 for the year, down from their prior forecast of $6.70. SunTrust Banks currently has a “Hold” rating and a $107.00 target price on the stock. SunTrust Banks also issued estimates for SL Green Realty’s Q1 2019 earnings at $1.71 EPS, Q2 2019 earnings at $1.75 EPS, Q3 2019 earnings at $1.73 EPS, Q4 2019 earnings at $1.76 EPS, FY2019 earnings at $6.95 EPS, FY2020 earnings at $7.01 EPS, FY2021 earnings at $7.55 EPS and FY2022 earnings at $8.42 EPS.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, October 17th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.69 by ($0.66). The firm had revenue of $250.87 million for the quarter, compared to the consensus estimate of $242.18 million. SL Green Realty had a net margin of 26.46% and a return on equity of 5.05%. The company’s revenue for the quarter was down 21.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.49 earnings per share.

SLG has been the subject of a number of other reports. TheStreet upgraded SL Green Realty from a “c+” rating to a “b-” rating in a research note on Friday, August 10th. ValuEngine downgraded SL Green Realty from a “hold” rating to a “sell” rating in a research note on Monday, September 24th. Scotiabank began coverage on SL Green Realty in a research note on Tuesday, October 16th. They set an “outperform” rating for the company. JPMorgan Chase & Co. downgraded SL Green Realty from an “overweight” rating to a “neutral” rating in a research note on Friday, October 5th. Finally, Robert W. Baird downgraded SL Green Realty from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $109.00 to $103.00 in a research note on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $108.27.

Shares of NYSE:SLG opened at $95.71 on Friday. The company has a market cap of $8.06 billion, a P/E ratio of 14.57, a P/E/G ratio of 3.16 and a beta of 1.09. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.86. SL Green Realty has a 12-month low of $89.46 and a 12-month high of $106.54.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Wednesday, January 2nd will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.55%. This is an increase from SL Green Realty’s previous quarterly dividend of $0.81. The ex-dividend date is Monday, December 31st. SL Green Realty’s dividend payout ratio is presently 50.39%.

In other SL Green Realty news, CFO Matthew J. Diliberto sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 29th. The stock was sold at an average price of $92.27, for a total value of $3,229,450.00. Following the completion of the transaction, the chief financial officer now directly owns 36,234 shares in the company, valued at approximately $3,343,311.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew J. Diliberto sold 3,967 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The stock was sold at an average price of $92.07, for a total value of $365,241.69. Following the completion of the transaction, the chief financial officer now owns 36,234 shares of the company’s stock, valued at $3,336,064.38. The disclosure for this sale can be found here. Corporate insiders own 3.65% of the company’s stock.

A number of hedge funds have recently bought and sold shares of SLG. Piedmont Investment Advisors LLC purchased a new stake in shares of SL Green Realty during the 2nd quarter worth approximately $104,000. Mount Yale Investment Advisors LLC purchased a new stake in shares of SL Green Realty during the 2nd quarter worth approximately $143,000. Point72 Hong Kong Ltd raised its holdings in shares of SL Green Realty by 324.3% during the 3rd quarter. Point72 Hong Kong Ltd now owns 1,939 shares of the real estate investment trust’s stock worth $189,000 after acquiring an additional 1,482 shares in the last quarter. ING Groep NV purchased a new stake in shares of SL Green Realty during the 2nd quarter worth approximately $218,000. Finally, BB&T Securities LLC purchased a new stake in shares of SL Green Realty during the 2nd quarter worth approximately $218,000.

SL Green Realty Company Profile

SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2018, SL Green held interests in 106 Manhattan buildings totaling 46.4 million square feet.

Further Reading: Outstanding Shares and The Effect on Share Price

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

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