Keybank National Association OH lowered its stake in SL Green Realty Corp (NYSE:SLG) by 26.9% in the 4th quarter, Holdings Channel reports. The firm owned 2,291 shares of the real estate investment trust’s stock after selling 843 shares during the period. Keybank National Association OH’s holdings in SL Green Realty were worth $231,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Long Pond Capital LP lifted its position in SL Green Realty by 60.3% in the third quarter. Long Pond Capital LP now owns 2,740,082 shares of the real estate investment trust’s stock valued at $277,625,000 after purchasing an additional 1,031,232 shares during the last quarter. Principal Financial Group Inc. lifted its position in SL Green Realty by 3.5% in the third quarter. Principal Financial Group Inc. now owns 2,174,791 shares of the real estate investment trust’s stock valued at $220,350,000 after purchasing an additional 73,119 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in SL Green Realty by 2.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,461,498 shares of the real estate investment trust’s stock valued at $148,077,000 after purchasing an additional 31,571 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in SL Green Realty by 3.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 914,652 shares of the real estate investment trust’s stock valued at $92,316,000 after purchasing an additional 28,809 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in SL Green Realty by 4.1% in the third quarter. Legal & General Group Plc now owns 822,578 shares of the real estate investment trust’s stock valued at $83,343,000 after purchasing an additional 32,528 shares during the last quarter.
SLG has been the subject of a number of recent analyst reports. Barclays decreased their target price on SL Green Realty from $111.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, November 1st. SunTrust Banks set a $117.00 target price on SL Green Realty and gave the company a “buy” rating in a report on Tuesday, December 5th. BMO Capital Markets restated a “buy” rating and set a $120.00 target price on shares of SL Green Realty in a report on Tuesday, January 9th. Jefferies Group initiated coverage on SL Green Realty in a report on Monday. They set a “buy” rating for the company. Finally, BTIG Research upgraded SL Green Realty from a “neutral” rating to a “buy” rating in a report on Tuesday, December 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $114.42.
SL Green Realty Corp (NYSE:SLG) opened at $95.89 on Wednesday. The company has a market capitalization of $9,420.00, a P/E ratio of 108.97, a P/E/G ratio of 2.41 and a beta of 1.12. SL Green Realty Corp has a twelve month low of $89.46 and a twelve month high of $115.34. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.11 and a current ratio of 0.11.
SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, January 24th. The real estate investment trust reported $1.60 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.60. The company had revenue of $361.30 million for the quarter, compared to analysts’ expectations of $320.48 million. SL Green Realty had a return on equity of 1.42% and a net margin of 6.71%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.43 earnings per share. research analysts expect that SL Green Realty Corp will post 6.75 EPS for the current year.
SL Green Realty announced that its Board of Directors has authorized a stock buyback program on Friday, December 1st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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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