SL Green Realty (NYSE:SLG) Issues Earnings Results

SL Green Realty (NYSE:SLG) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.13, Zacks reports. The company had revenue of $144.52 million during the quarter, compared to the consensus estimate of $158.44 million. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%.

SL Green Realty Price Performance

SL Green Realty stock opened at $52.30 on Friday. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $3.73 billion, a P/E ratio of 653.79, a PEG ratio of 5.30 and a beta of 1.61. The firm has a fifty day moving average of $58.32 and a 200-day moving average of $66.91. SL Green Realty has a 52-week low of $45.15 and a 52-week high of $82.81.

SL Green Realty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.2575 per share. This represents a $1.03 annualized dividend and a yield of 1.97%. SL Green Realty’s dividend payout ratio is currently 3,862.50%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Jefferies Financial Group began coverage on SL Green Realty in a research report on Monday, March 17th. They set a “hold” rating and a $58.00 target price on the stock. Bank of America dropped their target price on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Morgan Stanley raised their price objective on shares of SL Green Realty from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 12th. Wells Fargo & Company reduced their target price on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Finally, Scotiabank reduced their price objective on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 28th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $69.87.

Insider Buying and Selling

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the sale, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 5.08% of the stock is owned by corporate insiders.

SL Green Realty Company Profile

3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.