SL Green Realty (NYSE:SLG) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

SL Green Realty (NYSE:SLG) announced its quarterly earnings results on Wednesday. The real estate investment trust reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03, Briefing.com reports. The business had revenue of $159.82 million for the quarter, compared to analysts’ expectations of $162.73 million. SL Green Realty had a negative return on equity of 2.43% and a negative net margin of 9.66%.The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.81 EPS.

SL Green Realty Price Performance

SLG stock opened at $44.56 on Friday. The firm has a market capitalization of $3.18 billion, a P/E ratio of -27.68 and a beta of 1.60. SL Green Realty has a 52 week low of $40.26 and a 52 week high of $68.14. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.03. The company has a fifty day simple moving average of $46.04 and a two-hundred day simple moving average of $52.72.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were given a dividend of $0.2575 per share. This represents a c) dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date was Friday, November 28th. SL Green Realty’s dividend payout ratio is currently -191.93%.

Insider Buying and Selling at SL Green Realty

In related news, insider Andrew S. Levine sold 1,493 shares of SL Green Realty stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.27, for a total transaction of $67,588.11. Following the completion of the transaction, the insider directly owned 7,045 shares of the company’s stock, valued at approximately $318,927.15. The trade was a 17.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Marc Holliday sold 22,223 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total transaction of $986,701.20. Following the completion of the sale, the chief executive officer directly owned 9,698 shares of the company’s stock, valued at approximately $430,591.20. This trade represents a 69.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SLG. Triumph Capital Management bought a new stake in SL Green Realty during the third quarter valued at about $45,000. Brevan Howard Capital Management LP purchased a new position in shares of SL Green Realty in the 3rd quarter valued at approximately $245,000. United Services Automobile Association purchased a new stake in SL Green Realty during the 1st quarter worth approximately $253,000. FJ Capital Management LLC purchased a new position in shares of SL Green Realty in the second quarter worth $268,000. Finally, Virtu Financial LLC acquired a new stake in shares of SL Green Realty during the third quarter worth $277,000. 89.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SLG has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH dropped their price target on SL Green Realty from $60.00 to $50.00 and set a “neutral” rating for the company in a research note on Thursday, December 18th. The Goldman Sachs Group reissued a “sell” rating and issued a $42.00 price target (down from $48.00) on shares of SL Green Realty in a research note on Tuesday, December 23rd. Truist Financial set a $47.00 target price on SL Green Realty and gave the company a “hold” rating in a research note on Monday, December 8th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of SL Green Realty in a research note on Wednesday, January 21st. Finally, Bank of America lowered their price objective on SL Green Realty from $64.00 to $61.00 and set a “neutral” rating for the company in a research report on Friday, October 17th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, SL Green Realty has an average rating of “Hold” and a consensus price target of $55.28.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.