SL Green Realty (NYSE:SLG) Updates FY 2024 Earnings Guidance

SL Green Realty (NYSE:SLG - Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 7.350-7.650 for the period, compared to the consensus earnings per share estimate of 5.970. The company issued revenue guidance of -.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SLG. Evercore ISI lowered shares of SL Green Realty from an in-line rating to an underperform rating and set a $44.00 target price for the company. in a research report on Monday, March 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of SL Green Realty in a report on Tuesday, January 30th. They issued a hold rating and a $50.00 price target for the company. Truist Financial downgraded shares of SL Green Realty from a buy rating to a hold rating and upped their price target for the company from $44.00 to $47.00 in a report on Tuesday, January 16th. StockNews.com raised shares of SL Green Realty to a sell rating in a report on Saturday, February 3rd. Finally, Scotiabank upped their price target on shares of SL Green Realty from $40.00 to $43.00 and gave the company a sector underperform rating in a report on Tuesday, April 2nd. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $45.83.

SL Green Realty Trading Up 2.8 %

SLG stock traded up $1.35 during mid-day trading on Wednesday, reaching $49.67. 2,351,831 shares of the stock traded hands, compared to its average volume of 1,304,239. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.93. SL Green Realty has a 52-week low of $20.51 and a 52-week high of $55.75. The company has a market cap of $3.22 billion, a P/E ratio of -5.53, a P/E/G ratio of 1.66 and a beta of 1.71. The stock's fifty day moving average is $49.62 and its 200-day moving average is $43.00.

SL Green Realty Dividend Announcement

The business also recently declared a monthly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date was Wednesday, March 27th. SL Green Realty's dividend payout ratio (DPR) is -33.00%.

Insider Transactions at SL Green Realty

In other news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Betsy S. Atkins sold 9,894 shares of the stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the transaction, the director now owns 6,886 shares in the company, valued at approximately $325,363.50. The disclosure for this sale can be found here. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in SL Green Realty by 9.6% during the 1st quarter. BlackRock Inc. now owns 11,246,072 shares of the real estate investment trust's stock worth $264,508,000 after acquiring an additional 988,677 shares during the last quarter. Norges Bank bought a new position in shares of SL Green Realty in the fourth quarter worth about $24,417,000. Balyasny Asset Management L.P. lifted its position in shares of SL Green Realty by 111.3% during the 1st quarter. Balyasny Asset Management L.P. now owns 1,139,857 shares of the real estate investment trust's stock worth $26,809,000 after purchasing an additional 600,284 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in SL Green Realty during the 1st quarter valued at approximately $10,985,000. Finally, State Street Corp grew its holdings in SL Green Realty by 12.2% in the 1st quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust's stock valued at $314,295,000 after buying an additional 419,067 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company's stock.

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.

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