SLG - SL Green Realty Corp.
Chart Events
Momentum
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 48.75 |
| Open | 48.39 |
| Bid | 0.00 x 1100 |
| Ask | 0.00 x 800 |
| Day's Range | 45.60 - 48.48 |
| 52 Week Range | 35.16 - 96.39 |
| Volume | 1,251,851 |
| Avg. Volume | 2,094,411 |
| Market Cap | 3.518B |
| Beta (5Y Monthly) | 1.61 |
| PE Ratio (TTM) | 11.40 |
| EPS (TTM) | 4.03 |
| Earnings Date | Jul 22, 2020 |
| Forward Dividend & Yield | 3.54 (7.26%) |
| Ex-Dividend Date | Jun 29, 2020 |
| 1y Target Est | 62.07 |
Fair Value
Related Research
- Motley Fool
Will SL Green Realty Feel the Impact of Remote Work?
SL Green Realty (NYSE: SLG), New York City's largest commercial landlord, has seen its stock price cut in half from its highs earlier this year. On its first-quarter earnings call, management optimistically noted that the company had collected 90% of its commercial real estate rents and 60% of its retail client rents. Do these collection rates for real estate in New York City -- the U.S. city hit hardest so far by the pandemic -- suggest that COVID-19's expected longer-term impact on commercial real estate might be more muted?
- Zacks
SL Green & Its JV Partner to Sell Residential Asset for $62M
SL Green (SLG) will receive around $20 million from the sale of the 16-story residential building, 400 East 58th Street.
- Business Wire
SL Green Announces Sale of 400 East 58th Street for $62 Million
SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, together with its joint venture partner, today announced that it has entered into a contract to sell 400 East 58th Street, a 126-unit residential building in the Sutton Place neighborhood of Manhattan, for a gross valuation of $62.0 million. The transaction is expected to close during the third quarter of 2020, subject to customary closing conditions, and generate net cash proceeds to SL Green of approximately $20.0 million. SL Green owns a 90.0% interest in the joint venture.
- MarketWatch
Here’s a snapshot of what Wall Street’s coronavirus protocols look like for returning to work
Big banks this summer are testing out new safety protocols to slowly return staff to their Manhattan offices during the pandemic, but it will be a long road back to anything near ‘normal.’
- Zacks
SL Green (SLG) Secures $510M Mortgage on 220 East 42nd Street
SL Green (SLG) boosts liquidity with a new $510-million mortgage loan. Proceeds have been used to repay its unsecured revolving credit facility.
- Business Wire
SL Green Realty Corp. to Release Second Quarter 2020 Financial Results After Market Close on July 22, 2020
SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it will release its earnings for the second quarter of 2020 on Wednesday, July 22, 2020 after market close.
- TipRanks
3 Big Dividend Stocks Yielding at Least 6%; SunTrust Says ‘Buy’
We’re in perplexing times. At this writing, the S&P 500 index stands at 3,153, just 7% below its all-time high. That high, reached back in February, came the day before the bottom fell out of the stock market, as the coronavirus crisis triggered the steepest, deepest – and fastest – stock market drop on record. “After a 40%-plus rebound in the S&P 500 since March, stocks became stretched to the upside and vulnerable to bad news,” SunTrust chief market strategist Keith Lerner noted. Lerner doesn’t see any pullback as a problem, however. Rather, he views it as a chance for investors to take advantage of lower points of entry, and realize strong gains as stock return to the upside.His colleagues at SunTrust agree, and have pointed out several stocks that are not just poised to make gains, but are also showing dividend yields in excess of 6%. It’s an unbeatable combination for income-minded investors: share appreciation and high-yielding dividend returns. We’ve pulled three of SunTrust’s stock recommendations from the TipRanks database, to find out what else makes them compelling buys.PennantPark Investment (PNNT)PennantPark is a business development company, with a diverse portfolio of senior debt, subordinated debt, and equity in middle market companies. PennantPark’s earnings were stable from Q4 through Q2, at 15 cents per share. Management, to keep the dividend stable, cut the payment back to 12 cents per share, effective with the July 1 payment. This gives an annualized payment of 48 cents, and an impressive yield of 13.9%. At current levels, this dividend payment is sustainable – and estimates for forward earnings are 16 cents per share in Q3.5-stars SunTrust analyst Mark Hughes has been impressed by PennantPark’s management and believes that the company's $3.40 share price presents a unique buying opportunity.Hughes notes that the company has adjusted its portfolio to mitigate risks during COVID-19, and that only 11% of the company’s investments are in high-risk categories. He writes, “While management has accepted lower yielding investments that are consistent with PNNT's lower risk mandate, we believe the BDC should be able to maintain an average 7.2% to 7.4% calculated portfolio yield through the end of F20…”To this end, Hughes rates PNNT a Buy along with a $4 price target, suggesting room for 18% upside growth this year. (To watch Hughes’ track record, click here)Overall, based on 2 Buy ratings and 1 Hold, the analyst consensus rates PNNT a Moderate Buy. Meanwhile, the average price target, which comes in at $4.33, implies shares could rise by 27% over the coming months. (See PNNT stock analysis on TipRanks)SL Green Realty Corporation (SLG)Real estate investment trusts are known for their high dividend yields. SL Green is able to base its operations in one of the most dynamic real estate markets in the world: New York City. The company owns over 40 properties in Manhattan, including such notable addresses as 100 Park Ave, 125 Park Ave, and One Vanderbilt Ave.With such strong properties in the portfolio, totaling over 14 million leasable square feet, it’s no wonder that SLG has remained profitable during the coronavirus era. The company saw earnings spike to $2.08 per share in Q1, more than enough to support the 29.5 cent monthly dividend payment. At $3.54 annually, this dividend gives a strong yield of 6.8%. Compared to the 2.16% average yield among peer companies in the financial sector, the attraction is obvious.The attraction is clear to SunTrust’s Ki Bin Kim, who writes, “We understand the risk inherent in a Manhattan landlord with relatively high financial leverage and ambitious development plans. That said, SLG is increasing already-substantial liquidity and we believe there is more potential upside in the stock as we look out 12 months beyond the pandemic than there is further downside. COVID-19 is a unique disruption, but we expect workers to eventually return to NYC office buildings…”As a result, Kim rates SLG a Buy alongside an $80 price target. This figure implies a powerful upside potential for the stock of 54% in the coming year. It’s a ringing endorsement of the recovering potential in NYC’s real estate market. (To watch Kim’s track record, click here)SunTrust takes a much more bullish position here than Wall Street generally. SLG has a Moderate Buy consensus rating, based on 3 Buys and 9 Holds. The average price target is $51.13, suggesting a 18.5% upside form the $51.87 share price. (See SLG stock analysis at TipRanks)TPG Specialty Lending (TSLX)Last up is TPG, a specialty finance company. TPG provides credit and capital access to middle market companies, offering financing and funding solutions for complex business models. It’s an important niche, as the mid-market is engine of American small business. .The coronavirus epidemic derailed TSLX in the first quarter, and the shares lost 48% in the February/March market slide. They have since rebounded, gaining 60% from their trough. In each case – the slide and the rebound, the stock showed greater movement than the broader markets.For Q1, TSLX reported 51 cents per share earnings, which was stable sequentially and in line with expectations. At that level, earnings are clearly enough to support the regular dividend, which was declared for Q2 at 41 cents per share base. The company has a history of also paying out special dividends when it is able. The current dividend yield is 9.56%, impressive by any standards.Mark Hughes, cited above, likes TSLX shares, and rates them a Buy. In his recent research note, Hughes noted, "We believe management continues to skillfully navigate an increasingly competitive market with widening lending spreads with its conservative originations approach, especially in a period where some of their portfolio companies could be severely impacted from the COVID-19 fallout… We are increasing our 2021 NII/share estimate to $1.86 from $1.67 contemplating higher portfolio yields despite a slightly smaller portfolio. We believe the yield forecast in particular has the potential for upside, due to the embedded call protection that is packaged in almost every loan…” (To watch Hughes’ track record, click here)All in all, Wall Street likes TSLX shares, as shown by the unanimous Strong Buy consensus rating, based on 7 Buys given in the last two months. Yet, shares are currently priced at $17.16, and the $17.43 average price target suggests a modest upside. (See TSLX stock-price forecast on TipRanks)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
- Business Wire
SL Green Closes $510 Million Mortgage on 220 East 42nd Street
SL Green Realty Corp (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has closed on a new $510.0 million mortgage financing secured by 220 East 42nd Street. The loan was provided by a lending group led by Aareal Capital Corp., Citi and Credit Agricole. The additional liquidity provided by this financing was used to repay the company’s unsecured revolving credit facility.
- Business Wire
SL Green Realty Corp. Announces the Departure of Co-Chief Investment Officer, Isaac Zion
SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that Isaac Zion, Co-Chief Investment Officer, will leave the company effective July 31, 2020 to pursue new professional interests.
- Bloomberg
SL Green Co-CIO Isaac Zion to Leave New York Landlord in July
(Bloomberg) -- SL Green Realty Corp. Co-Chief Investment Officer Isaac Zion is leaving the New York landlord to pursue other opportunities.“For more than a decade, Isaac has done an exemplary job co-leading the investments team,” Andrew Mathias, president of SL Green said in an emailed statement Monday. “We thank him for all of his accomplishments here and his tireless efforts at adding value across the entirety of our platform.”Zion, who will stay through July 31 and has been co-CIO alongside David Schonbraun, joined the company in January 2007 as a managing director and co-head of its investments group. He led property acquisitions, joint ventures and dispositions during his tenure, according to his biography on the REIT’s website.His exit is unrelated to layoffs at the company, which cut less than 10% of its corporate workforce in May, said a person with knowledge of the matter who requested anonymity.An SL Green spokesperson said the staff cuts last month came as the company sold off assets and “we reduced our corporate headcount in order to maintain appropriate overhead levels reflective of the company’s current portfolio.”The REIT, which is building a new tower near Grand Central Terminal, has seen its stock plummet amid the Covid-19 pandemic during which it lowered its earnings guidance as it faced a slowdown in new leases and rent cuts. The stock has slumped 44% this year, outpacing the Bloomberg U.S. REIT index’s 14% decline.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Business Wire
SL Green Realty Corp. Announces Common and Preferred Stock Dividends
SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that its board of directors has declared a monthly dividend of $0.295 per share of common stock. The dividend is payable on July 15, 2020 to shareholders of record at the close of business on June 30, 2020.
- Insider Monkey
Hedge Funds Checking Out Of SL Green Realty Corp (SLG)
Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]
- Thomson Reuters StreetEvents
Edited Transcript of SLG earnings conference call or presentation 23-Apr-20 6:00pm GMT
Q1 2020 SL Green Realty Corp Earnings Call
- Zacks
Here's Why SL Green (SLG) is a Promising Bet for Investors
SL Green's (SLG) ability to execute significant leases in Manhattan and collect decent rent billings amid the pandemic-led uncertainty is noteworthy.
- Zacks
SLG or DLR: Which Is the Better Value Stock Right Now?
SLG vs. DLR: Which Stock Is the Better Value Option?
- GuruFocus.com
Wednesday Morning Market Highlights
Markets in the green, Campbell Soup down after earnings report Continue reading...
- GuruFocus.com
Tuesday Morning Market Highlights
US stocks in the green, DICK'S Sporting Goods rises following financial results Continue reading...
- Zacks
SL Green Boosts Liquidity to $1B, Collects 84.7% of May Rents
SL Green (SLG) achieves its aim to bolster liquidity position to $1 billion, a month ahead of the schedule. Moreover, overall May rent collections totaled 84.7%.
- Business Wire
SL Green Provides Update on Key Initiatives
SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, has provided an update on recent activities and progress on key initiatives.
- Barrons.com
Real-Estate Stocks Are Recovering, but Not These Two Groups
Office and mall REITs are lagging behind their peers in other areas of the real-estate market. It doesn’t mean they always will.
- GuruFocus.com
Jonathan Litt Is the Latest Guru to Bet Against Commercial Properties
The guru joins Carl Icahn in projecting troubles ahead for office properties Continue reading...
- Zacks
Why Is SL Green (SLG) Down 18.1% Since Last Earnings Report?
SL Green (SLG) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
- Business Wire
SL Green Realty Corp. Announces Common Stock Dividend
SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that its board of directors has declared a monthly dividend of $0.295 per share of common stock. The dividend is payable on June 15, 2020 to shareholders of record at the close of business on May 29, 2020.
- GuruFocus.com
Major US Indexes Gain on Friday
Shares of Applied Materials fall on weak earnings Continue reading...
- Business Wire
SL Green Realty Corp. Announces Postponement and Change of Location of 2020 Annual Meeting of Stockholders
SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that due to the continuing public health impact of the coronavirus (COVID-19) pandemic, its 2020 Annual Meeting of Stockholders (the "Annual Meeting") has been postponed and the location of the Annual Meeting has been changed. The Annual Meeting, originally scheduled to be held on May 28, 2020 will now be held on June 1, 2020 at 10:00 a.m., Eastern Time, solely by means of remote communication in a virtual meeting format. The Annual Meeting will be available at www.virtualshareholdermeeting.com/SLG2020. Stockholders will not be able to attend the Annual Meeting physically.
