SL Green Realty (NYSE:SLG) Releases FY24 Earnings Guidance

SL Green Realty (NYSE:SLG) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $7.65-7.95 for the period, compared to the consensus estimate of $7.54. SL Green Realty also updated its FY 2024 guidance to 7.650-7.950 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SLG shares. Barclays upped their target price on SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Morgan Stanley raised their target price on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 9th. Bank of America boosted their price target on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Piper Sandler restated an “overweight” rating and set a $90.00 price objective (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Finally, Scotiabank upped their target price on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $68.00.

SL Green Realty Stock Performance

Shares of SLG opened at $74.21 on Wednesday. SL Green Realty has a one year low of $40.30 and a one year high of $82.81. The company has a 50-day simple moving average of $75.18 and a two-hundred day simple moving average of $66.21. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $4.89 billion, a PE ratio of -29.68, a price-to-earnings-growth ratio of 3.68 and a beta of 1.81.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The business had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same quarter last year, the firm posted $1.27 EPS. On average, analysts anticipate that SL Green Realty will post 7.59 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.2575 dividend. This represents a $3.09 annualized dividend and a yield of 4.16%. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. SL Green Realty’s payout ratio is -120.00%.

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.