SL Green Realty (NYSE:SLG) Releases FY 2024 Earnings Guidance

SL Green Realty (NYSE:SLG) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 7.350-7.650 for the period, compared to the consensus estimate of 5.970. The company issued revenue guidance of -.

SL Green Realty Price Performance

SLG stock opened at $49.67 on Thursday. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.93. SL Green Realty has a 12 month low of $20.51 and a 12 month high of $55.75. The firm has a market cap of $3.22 billion, a P/E ratio of -5.46, a P/E/G ratio of 1.62 and a beta of 1.71. The company’s 50-day moving average price is $49.76 and its two-hundred day moving average price is $43.04.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 6.04%. The ex-dividend date of this dividend was Wednesday, March 27th. SL Green Realty’s dividend payout ratio (DPR) is presently -33.00%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of SL Green Realty from $30.00 to $36.00 and gave the company a sell rating in a report on Thursday, January 11th. Truist Financial lowered shares of SL Green Realty from a buy rating to a hold rating and boosted their target price for the stock from $44.00 to $47.00 in a report on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of SL Green Realty in a report on Tuesday, January 30th. They set a hold rating and a $50.00 target price on the stock. TheStreet raised shares of SL Green Realty from a d+ rating to a c- rating in a report on Wednesday, January 10th. Finally, Morgan Stanley boosted their target price on shares of SL Green Realty from $41.00 to $47.00 and gave the stock an equal weight rating in a report on Thursday, March 28th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $47.00.

Insider Transactions at SL Green Realty

In related news, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $47.25, for a total transaction of $467,491.50. Following the transaction, the director now owns 6,886 shares in the company, valued at approximately $325,363.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Betsy S. Atkins sold 9,894 shares of the company’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the transaction, the director now owns 6,886 shares in the company, valued at approximately $325,363.50. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of SL Green Realty

Institutional investors have recently made changes to their positions in the company. Engineers Gate Manager LP grew its stake in shares of SL Green Realty by 12.8% in the 3rd quarter. Engineers Gate Manager LP now owns 5,574 shares of the real estate investment trust’s stock worth $224,000 after acquiring an additional 634 shares in the last quarter. Mirabella Financial Services LLP bought a new position in SL Green Realty during the first quarter valued at about $222,000. Captrust Financial Advisors bought a new position in SL Green Realty during the second quarter valued at about $220,000. Horizon Investments LLC bought a new position in SL Green Realty during the first quarter valued at about $214,000. Finally, CIBC Asset Management Inc bought a new position in SL Green Realty during the second quarter valued at about $211,000. Institutional investors own 89.96% of the company’s stock.

About SL Green Realty

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.