SL Green Realty (NYSE:SLG) Announces Quarterly Earnings Results

SL Green Realty (NYSE:SLG) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.25) by $1.26, Zacks reports. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The company had revenue of $165.55 million for the quarter, compared to analyst estimates of $176.97 million. During the same period in the previous year, the business posted $1.58 earnings per share. SL Green Realty’s quarterly revenue was up 10.6% on a year-over-year basis.

SL Green Realty Stock Down 0.6%

Shares of NYSE SLG opened at $46.73 on Thursday. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. SL Green Realty has a 52 week low of $34.77 and a 52 week high of $60.09. The firm has a 50-day moving average price of $52.33 and a 200 day moving average price of $49.19. The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of -17.12, a price-to-earnings-growth ratio of 3.83 and a beta of 1.66.

SL Green Realty Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date was Wednesday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is currently -90.48%.

Insider Buying and Selling

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the transaction, the insider directly owned 109,468 shares in the company, valued at approximately $6,317,398.28. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 5.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on SLG shares. JPMorgan Chase & Co. raised their price target on SL Green Realty from $51.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, August 25th. UBS Group set a $60.00 price objective on SL Green Realty in a research note on Monday, July 27th. BMO Capital Markets reaffirmed an “outperform” rating and set a $60.00 price objective (up from $52.00) on shares of SL Green Realty in a research note on Monday, July 27th. Truist Financial set a $57.00 price objective on SL Green Realty and gave the stock a “hold” rating in a research report on Monday, August 24th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of SL Green Realty in a research note on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $55.15.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.