SL Green Realty Corp (SLG) Shares Halted As Company Provides 2016 Guidance

Share

SL Green Realty Corp (NYSE:SLG) shares were halted as of 3:12 p.m ET as the company provided earnings guidance for the year ending December 31, 2016. These figures included an estimated funds from operations of between $6.90 to $7.00, as well as net income per share of $2.27 to $2.37. The company also confirmed funds from operations guidance for the year ending December 31, 2015 of between $6.34 and $6.37 per share. The halt was ended at around 3:35 p.m. ET and shares are now trading slightly higher than they were prior to the halt. The stock is down 1.49% or $1.76 following the news, hitting $116.06 per share. Approximately 391,857 shares traded hands. SLG shares have declined 4.71% since May 4, 2015 and are currently downtrending. It has underperformed the S&P500 by 3.64%.

From a total of 9 analysts covering SL Green Realty Corp. (NYSE:SLG) stock, 5 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 56% of the ratings are positive. The highest target price is $139 while the lowest target price is $112. The mean of all analyst targets is $127.80 which is 10.12% above today’s ($116.06) stock price. SL Green Realty Corp. was the topic of 18 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. BB&T Capital initiated shares on November 13 with a “Buy” rating. Zacks upgraded shares to a”Hold” rating and a $130 target share price in their report from an August 17. Stifel Nicolaus upgraded SLG stock in a recent report from September 9 to a “Buy” rating. Finally, SunTrust maintained the stock with a “Neutral” rating in a report they issued on an August 12.

The institutional sentiment increased to 1.47 in Q2 2015. It’s up 0.33, from 1.14 in 2015Q1. The ratio improved, as 23 funds sold all their SL Green Realty Corp shares they owned while 101 reduced their positions. 45 funds bought stakes while 137 increased their total positions. Institutions now own 103.47 million shares which is 15.68% less than the previous share count of 122.71 million in 2015Q1.

Resolution Capital Ltd holds 7.9% of its total portfolio in SL Green Realty Corp, equating to 829,645 shares. Harrison Street Securities Llc owns 91,303 shares representing 4.74% of their total US portfolio. Moreover, Cohen & Steers Inc has 4.08% of their total portfolio invested in the company, equating to 12.25 million shares. The Japan-based Daiwa Securities Group Inc. has a total of 3.89% of their portfolio invested in the stock. Cbre Clarion Securities Llc, a Pennsylvania-based fund reported 3.77 million shares owned.

SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing. The company has a market cap of $12.18 billion. It operates two divisions: real estate and debt and preferred equity investments. It has 60.57 P/E ratio. The Firm owns interests in commercial office properties in the New York Metropolitan area, primarily in midtown Manhattan.

COMMENTS: