SL Green Realty (SLG) Upgraded to Buy at BTIG Research
A number of other research firms have also weighed in on SLG. Stifel Nicolaus reduced 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 note on Tuesday, October 24th. Zacks Investment Research upgraded shares of SL Green Realty from a sell rating to a hold rating in a research note on Tuesday, November 7th. Morgan Stanley reiterated an equal weight rating and issued a $104.00 price objective (down from $106.00) on shares of SL Green Realty in a research note on Friday, September 1st. BMO Capital Markets reduced their price objective on shares of SL Green Realty from $127.00 to $125.00 and set an outperform rating for the company in a research note on Thursday, September 21st. Finally, KeyCorp reiterated a buy rating and issued a $130.00 price objective on shares of SL Green Realty in a research note on Friday, August 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. SL Green Realty presently has a consensus rating of Hold and a consensus target price of $115.62.
Shares of SL Green Realty (NYSE:SLG) traded down $1.34 during mid-day trading on Tuesday, hitting $102.61. 996,000 shares of the stock traded hands, compared to its average volume of 747,229. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.11 and a current ratio of 0.11. SL Green Realty has a 12 month low of $93.92 and a 12 month high of $115.34. The stock has a market cap of $10,214.72, a price-to-earnings ratio of 16.58, a P/E/G ratio of 2.69 and a beta of 1.18.
SL Green Realty declared that its Board of Directors has approved a stock buyback plan on Friday, December 1st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd will be issued a $0.8125 dividend. This represents a $3.25 annualized dividend and a yield of 3.17%. This is an increase from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Friday, December 29th. SL Green Realty’s dividend payout ratio (DPR) is presently 300.97%.
A number of large investors have recently made changes to their positions in SLG. Capital Investment Counsel Inc bought a new position in SL Green Realty in the 3rd quarter valued at $213,000. BB&T Securities LLC bought a new position in SL Green Realty in the 2nd quarter valued at $226,000. Pacer Advisors Inc. boosted 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 during the period. TLP Group LLC bought a new position in SL Green Realty in the 2nd quarter valued at $260,000. Finally, Global X Management Co. LLC boosted 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 during the period.
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SL Green Realty Company Profile
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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