SL Green (SLG - Free Report) shares rallied 19.8% in the last trading session to close at $28.20. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 7.1% gain over the past four weeks.
This increased investor optimism can be attributed to SL Green’s announcement of the divestment of a 49.9% interest in 245 Park Avenue. The stake was purchased by a U.S. affiliate of Mori Trust Co., Ltd., and the transaction valued the asset at $2 billion. This sale is a pivotal component of SL Green's 2023 financial strategy, coming on the heels of a successful $500 million refinancing of 919 Third Avenue earlier in April.
This commercial real estate investment trust is expected to post quarterly funds from operations (FFO) of $1.33 per share in its upcoming report, which represents a year-over-year change of -28.9%. Revenues are expected to be $165.55 million, up 21.3% from the year-ago quarter.
While FFO per share and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in FFO per share estimate revisions and near-term stock price movements.
For SL Green, the consensus FFO per share estimate for the quarter has been revised 1% lower over the last 30 days to the current level. And a negative trend in FFO per share estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SLG going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
SL Green belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, W.P. Carey (WPC - Free Report) , closed the last trading session 2.3% higher at $67.78. Over the past month, WPC has returned -2.7%.
For W.P. Carey, the consensus FFO per share estimate for the upcoming report has remained unchanged over the past month at $1.33. This represents a change of +1.5% from what the company reported a year ago. W.P. Carey currently has a Zacks Rank of #3 (Hold).
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
SL Green (SLG - Free Report) shares rallied 19.8% in the last trading session to close at $28.20. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 7.1% gain over the past four weeks.
This increased investor optimism can be attributed to SL Green’s announcement of the divestment of a 49.9% interest in 245 Park Avenue. The stake was purchased by a U.S. affiliate of Mori Trust Co., Ltd., and the transaction valued the asset at $2 billion. This sale is a pivotal component of SL Green's 2023 financial strategy, coming on the heels of a successful $500 million refinancing of 919 Third Avenue earlier in April.
This commercial real estate investment trust is expected to post quarterly funds from operations (FFO) of $1.33 per share in its upcoming report, which represents a year-over-year change of -28.9%. Revenues are expected to be $165.55 million, up 21.3% from the year-ago quarter.
While FFO per share and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in FFO per share estimate revisions and near-term stock price movements.
For SL Green, the consensus FFO per share estimate for the quarter has been revised 1% lower over the last 30 days to the current level. And a negative trend in FFO per share estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SLG going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
SL Green belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, W.P. Carey (WPC - Free Report) , closed the last trading session 2.3% higher at $67.78. Over the past month, WPC has returned -2.7%.
For W.P. Carey, the consensus FFO per share estimate for the upcoming report has remained unchanged over the past month at $1.33. This represents a change of +1.5% from what the company reported a year ago. W.P. Carey currently has a Zacks Rank of #3 (Hold).
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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