Stock Traders Buy High Volume of Call Options on SL Green Realty (SLG)

SL Green Realty Corp (NYSE:SLG) saw unusually large options trading on Wednesday. Stock investors bought 436 call options on the company. This represents an increase of 581% compared to the typical volume of 64 call options.

In other news, CEO Marc Holliday bought 7,880 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was acquired at an average cost of $25.20 per share, for a total transaction of $198,576.00. Following the completion of the purchase, the chief executive officer now owns 88,900 shares of the company’s stock, valued at approximately $2,240,280. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig M. Hatkoff sold 3,400 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $93.73, for a total value of $318,682.00. Following the completion of the transaction, the director now owns 1,365 shares of the company’s stock, valued at $127,941.45. The disclosure for this sale can be found here. Insiders sold 169,400 shares of company stock valued at $17,038,862 over the last 90 days. 3.09% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in SLG. Tower Research Capital LLC TRC bought a new position in SL Green Realty in the fourth quarter valued at about $133,000. Kemper Corp Master Retirement Trust bought a new position in SL Green Realty in the fourth quarter valued at about $204,000. Capital Investment Counsel Inc bought a new position in SL Green Realty in the third quarter valued at about $213,000. American Investment Services Inc. bought a new position in SL Green Realty in the fourth quarter valued at about $240,000. Finally, Cubist Systematic Strategies LLC bought a new position in SL Green Realty in the third quarter valued at about $270,000.

A number of research analysts recently commented on SLG shares. Stifel Nicolaus cut their target price on 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 SL Green Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, November 7th. SunTrust Banks set a $110.00 price target on SL Green Realty and gave the company a “buy” rating in a research report on Monday, January 22nd. ValuEngine cut SL Green Realty from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Finally, Robert W. Baird reiterated a “buy” rating and issued a $114.00 price target on shares of SL Green Realty in a research report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $114.83.

Shares of SL Green Realty (NYSE:SLG) opened at $95.54 on Friday. SL Green Realty has a 1 year low of $89.46 and a 1 year high of $115.34. The firm has a market capitalization of $8,706.78, a price-to-earnings ratio of 108.57, a price-to-earnings-growth ratio of 2.32 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.11 and a quick ratio of 0.11.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, January 24th. The real estate investment trust reported $1.60 EPS for the quarter, hitting the 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 business’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.43 earnings per share. equities research analysts anticipate that SL Green Realty will post 6.74 EPS for the current fiscal year.

SL Green Realty announced that its Board of Directors has approved a stock repurchase program on Friday, December 1st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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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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