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

Key Points

• SL Green Realty reported $1.59 in quarterly EPS, exceeding analysts’ consensus estimate of a $0.25 loss by $1.84. However, the REIT posted a negative net margin of 16.92% and negative return on equity of 4.37%.
• The stock fell 0.6% to $46.73, below its 50-day moving average of $52.52, while analysts maintained a consensus “Hold” rating with an average price target of $55.15.
• SL Green paid a quarterly dividend of $0.6175, equivalent to an annualized $2.47 payout and a 5.3% yield. An insider also sold 23,113 shares, reducing his ownership by 17.43%.

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

SL Green Realty Stock Down 0.6%

NYSE SLG traded down $0.29 on Wednesday, reaching $46.73. The company had a trading volume of 1,471,021 shares, compared to its average volume of 1,158,218. 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 company's fifty day moving average is $52.52 and its 200 day moving average is $49.12. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $60.09. The stock has a market capitalization of $3.32 billion, a P/E ratio of -17.12, a P/E/G ratio of 3.66 and a beta of 1.66.

SL Green Realty Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.6175 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date was Wednesday, September 30th. SL Green Realty's dividend payout ratio is currently -90.48%.

Insider Activity 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 stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the transaction, the insider owned 109,468 shares of the company's stock, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.94% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wells Fargo & Company set a $56.50 price objective on shares of SL Green Realty and gave the company an "equal weight" rating in a research note on Tuesday, September 1st. Mizuho set a $53.00 target price on shares of SL Green Realty in a research note on Tuesday, September 8th. Morgan Stanley set a $52.00 price target on shares of SL Green Realty and gave the stock an "equal weight" rating in a report on Wednesday, July 22nd. Piper Sandler set a $64.00 price target on shares of SL Green Realty and gave the stock an "overweight" rating in a report on Monday, October 12th. Finally, Citigroup reiterated a "buy" rating and issued a $60.00 price target (up from $45.00) on shares of SL Green Realty in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $55.15.

About SL Green Realty

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.

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