SL Green Realty (NYSE:SLG) Releases Quarterly Earnings Results, Misses Estimates By $1.42 EPS

SL Green Realty (NYSE:SLG) issued its earnings results on Wednesday. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42), Zacks reports. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The firm had revenue of $229.69 million for the quarter, compared to analysts’ expectations of $136.66 million. During the same quarter in the previous year, the firm posted $1.27 EPS.

SL Green Realty Trading Up 3.1 %

Shares of NYSE:SLG traded up $2.32 during midday trading on Friday, reaching $77.47. The company had a trading volume of 275,946 shares, compared to its average volume of 985,336. The company has a fifty day simple moving average of $67.24 and a two-hundred day simple moving average of $59.43. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.59 and a current ratio of 2.59. The firm has a market cap of $5.04 billion, a price-to-earnings ratio of -28.14, a price-to-earnings-growth ratio of 1.94 and a beta of 1.83. SL Green Realty has a 1-year low of $28.55 and a 1-year high of $77.82.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend was Monday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is presently -112.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Evercore ISI upgraded shares of SL Green Realty from an “underperform” rating to an “inline” rating and boosted their price objective for the stock from $55.00 to $66.00 in a research note on Monday, September 16th. Compass Point raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and upped their price target for the stock from $35.00 to $60.00 in a research report on Wednesday, September 18th. Truist Financial raised their price objective on SL Green Realty from $47.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Scotiabank upped their target price on SL Green Realty from $53.00 to $68.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their target price on SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a report on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $60.43.

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.