SL Green Realty (NYSE:SLG) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

SL Green Realty (NYSE:SLG) announced its quarterly earnings data on Wednesday. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.13, Zacks reports. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. The business had revenue of $144.52 million during the quarter, compared to the consensus estimate of $158.44 million.

SL Green Realty Price Performance

NYSE SLG traded up $0.63 during trading hours on Thursday, hitting $52.94. 59,497 shares of the company’s stock traded hands, compared to its average volume of 861,460. SL Green Realty has a 52-week low of $45.15 and a 52-week high of $82.81. The firm’s 50-day moving average is $58.57 and its 200-day moving average is $67.03. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The company has a market capitalization of $3.77 billion, a PE ratio of 660.50, a PEG ratio of 5.30 and a beta of 1.61.

SL Green Realty Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.2575 dividend. This is an increase from SL Green Realty’s previous quarterly dividend of $0.25. This represents a $1.03 annualized dividend and a dividend yield of 1.95%. The ex-dividend date was Monday, March 31st. SL Green Realty’s dividend payout ratio (DPR) is currently 3,862.50%.

Insider Transactions at SL Green Realty

In related news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction 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 sale, the director now directly owns 2,052 shares in the company, valued at $136,047.60. This trade represents a 62.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.08% of the company’s stock.

Wall Street Analyst Weigh In

SLG has been the subject of several research analyst reports. Barclays decreased their target price on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Mizuho upped their price objective on SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Bank of America reduced their target price on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Evercore ISI upgraded shares of SL Green Realty from an “in-line” rating to an “outperform” rating and lowered their price target for the company from $74.00 to $73.00 in a report on Monday, March 17th. Finally, Jefferies Financial Group assumed coverage on shares of SL Green Realty in a research report on Monday, March 17th. They set a “hold” rating and a $58.00 target price for the company. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $69.87.

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.