SL Green Realty (NYSE:SLG) Announces Earnings Results, Beats Expectations By $0.23 EPS

SL Green Realty (NYSE:SLG) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.23, Zacks reports. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%.

SL Green Realty Stock Performance

Shares of NYSE:SLG traded up $0.28 during midday trading on Wednesday, reaching $52.40. 1,137,775 shares of the company’s stock traded hands, compared to its average volume of 866,974. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The stock has a 50 day moving average of $58.84 and a 200 day moving average of $67.13. SL Green Realty has a one year low of $45.15 and a one year high of $82.81. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 655.00, a P/E/G ratio of 5.30 and a beta of 1.61.

SL Green Realty Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.2575 per share. The ex-dividend date was Monday, March 31st. This represents a $1.03 annualized dividend and a dividend yield of 1.97%. This is an increase from SL Green Realty’s previous quarterly dividend of $0.25. SL Green Realty’s dividend payout ratio (DPR) is 3,862.50%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SLG. Wells Fargo & Company lowered 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. Mizuho boosted their price objective on SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Bank of America reduced their target price on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Truist Financial upped their target price on SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, January 27th. Finally, Scotiabank cut their price objective on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research note on Friday, February 28th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and a consensus price target of $69.87.

Insiders Place Their Bets

In related news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the sale, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.08% of the stock is currently owned by 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.