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

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

SL Green Realty Stock Performance

Shares of SLG stock traded down $0.35 during trading hours on Friday, reaching $60.95. 70,555 shares of the company’s stock were exchanged, compared to its average volume of 886,156. SL Green Realty has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The stock has a market capitalization of $4.35 billion, a P/E ratio of -112.94 and a beta of 1.65. The business has a fifty day moving average price of $60.99 and a 200-day moving average price of $60.32. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 0.99.

SL Green Realty Announces Dividend

The firm 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. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.69%. SL Green Realty’s dividend payout ratio (DPR) is presently -572.22%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Empowered Funds LLC lifted 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 worth $425,000 after buying an additional 722 shares during the last quarter. United Services Automobile Association acquired a new position in shares of SL Green Realty in the first quarter valued at $253,000. Finally, AQR Capital Management LLC raised its stake in shares of SL Green Realty by 74.8% in 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 purchasing an additional 11,506 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SLG shares. Truist Financial lifted their price objective on shares of SL Green Realty from $54.00 to $58.00 and gave the company a “hold” rating in a research note on Friday. Scotiabank set a $71.00 target price on SL Green Realty and gave the company a “sector perform” rating in a research note on Monday. Wall Street Zen cut SL Green Realty from a “hold” rating to a “sell” rating in a research note on Saturday, May 24th. Wells Fargo & Company lowered their target price on SL Green Realty from $69.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Monday, May 19th. Finally, Piper Sandler lowered their price target on 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. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $65.60.

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.