SL Green Realty (NYSE:SLG) Posts Earnings Results, Beats Expectations By $0.26 EPS

SL Green Realty (NYSE:SLG) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.26, Zacks reports. The company had revenue of $147.54 million for the quarter, compared to analyst estimates of $171.24 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.05 earnings per share. SL Green Realty updated its FY 2025 guidance to 5.650-5.950 EPS.

SL Green Realty Stock Performance

Shares of SLG traded down $0.35 during midday trading on Friday, hitting $60.95. 70,555 shares of the stock traded hands, compared to its average volume of 886,156. SL Green Realty has a 1-year low of $45.15 and a 1-year high of $82.81. The firm has a market capitalization of $4.35 billion, a PE ratio of -112.94 and a beta of 1.65. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.85 and a current ratio of 2.85. The business’s 50 day moving average price is $60.99 and its two-hundred day moving average price is $60.32.

SL Green Realty Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.2575 per share. This represents a $1.03 annualized dividend and a dividend yield of 1.69%. The ex-dividend date was Monday, June 30th. SL Green Realty’s dividend payout ratio (DPR) is -572.22%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of SL Green Realty from $70.00 to $69.00 and set a “neutral” rating for the company in a research note on Wednesday, July 9th. Wall Street Zen lowered shares of SL Green Realty from a “hold” rating to a “sell” rating in a research note on Saturday, May 24th. Piper Sandler dropped their price target on shares of SL Green Realty from $90.00 to $72.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Scotiabank set a $71.00 price target on shares of SL Green Realty and gave the stock a “sector perform” rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of SL Green Realty in a research note on Friday, May 23rd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $65.60.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently modified their holdings of SLG. AQR Capital Management LLC boosted its holdings in shares of SL Green Realty by 74.8% during the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock valued at $1,519,000 after acquiring an additional 11,506 shares during the period. United Services Automobile Association acquired a new position in shares of SL Green Realty during the first quarter valued at $253,000. Finally, Empowered Funds LLC boosted its holdings in shares of SL Green Realty by 10.9% during the first quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock valued at $425,000 after acquiring an additional 722 shares during the period. Institutional investors and hedge funds 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.