SL Green Realty (NYSE:SLG) Announces Earnings Results, Beats Expectations By $1.84 EPS

SL Green Realty (NYSE:SLG) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $1.84, Zacks reports. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%.

SL Green Realty Stock Down 0.6%

SL Green Realty stock traded down $0.29 during trading hours on Wednesday, hitting $46.73. The stock had a trading volume of 1,471,021 shares, compared to its average volume of 1,158,218. The stock has a market capitalization of $3.32 billion, a P/E ratio of -17.12, a price-to-earnings-growth ratio of 3.66 and a beta of 1.66. SL Green Realty has a 12-month low of $34.77 and a 12-month high of $60.09. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. The stock’s 50-day moving average price is $52.52 and its 200-day moving average price is $49.12.

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 dividend of $0.6175 per share. The ex-dividend date was Wednesday, September 30th. This represents a $2.47 annualized dividend and a dividend yield of 5.3%. SL Green Realty’s dividend payout ratio (DPR) is presently -90.48%.

Analyst Ratings Changes

SLG has been the subject of several recent research reports. BMO Capital Markets reiterated an “outperform” rating and issued a $60.00 price objective (up from $52.00) on shares of SL Green Realty in a research report on Monday, July 27th. Weiss Ratings restated a “sell (d+)” rating on shares of SL Green Realty in a report on Tuesday, August 25th. Wells Fargo & Company set a $56.50 target price on shares of SL Green Realty and gave the stock an “equal weight” rating in a report on Tuesday, September 1st. Morgan Stanley set a $52.00 target price on shares of SL Green Realty and gave the stock an “equal weight” rating in a research note on Wednesday, July 22nd. Finally, Zacks Research upgraded shares of SL Green Realty from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $55.15.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the business’s stock in a transaction on 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 completion of the sale, the insider directly owned 109,468 shares in the company, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.94% of the stock is owned by insiders.

SL Green Realty Company Profile

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.