SL Green Realty (NYSE:SLG) Announces Quarterly Earnings Results

Key Points

• SL Green Realty reported earnings per share of $1.58 for the quarter, exceeding expectations by $0.30. However, the company also showed negative figures with a return on equity of -1.19% and a net margin of -2.21%.
• The company declared a dividend of $0.2575 per share, set to be paid on October 15, with an extraordinary yield of 517.0%.
• Analysts have mixed ratings on SL Green Realty stock, with an average target price of $67.94, including ratings ranging from Buy to Sell.

SL Green Realty (NYSE:SLG - Get Free Report) released its quarterly earnings data on Wednesday. The real estate investment trust reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.30, Zacks reports. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%.

SL Green Realty Price Performance

SLG traded up $1.36 on Wednesday, hitting $57.39. 1,362,615 shares of the company were exchanged, compared to its average volume of 925,365. The business's fifty day moving average is $58.30 and its 200 day moving average is $58.10. The firm has a market capitalization of $4.09 billion, a P/E ratio of -106.27 and a beta of 1.77. SL Green Realty has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.72 and a current ratio of 2.72.

SL Green Realty Announces Dividend

The company also recently declared a sep 25 dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.2575 per share. This represents a yield of 517.0%. The ex-dividend date of this dividend is Tuesday, September 30th. SL Green Realty's dividend payout ratio is currently -572.22%.

Insider Activity at SL Green Realty

In related news, Director Carol N. Brown sold 2,500 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $60.61, for a total transaction of $151,525.00. Following the completion of the sale, the director directly owned 937 shares of the company's stock, valued at approximately $56,791.57. This trade represents a 72.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.04% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Balyasny Asset Management L.P. grew its holdings in SL Green Realty by 663.4% during the 2nd quarter. Balyasny Asset Management L.P. now owns 513,556 shares of the real estate investment trust's stock worth $31,789,000 after acquiring an additional 446,283 shares during the last quarter. BROOKFIELD Corp ON acquired a new position in SL Green Realty in the second quarter valued at about $18,695,000. Clough Capital Partners L P acquired a new position in SL Green Realty during the second quarter worth about $11,146,000. Vision Capital Corp increased its position in SL Green Realty by 65.0% during the 2nd quarter. Vision Capital Corp now owns 330,000 shares of the real estate investment trust's stock valued at $20,427,000 after purchasing an additional 130,000 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of SL Green Realty by 31.3% during the 2nd quarter. Bank of America Corp DE now owns 301,743 shares of the real estate investment trust's stock worth $18,678,000 after buying an additional 71,875 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. New Street Research set a $72.00 target price on SL Green Realty in a report on Thursday, October 9th. LADENBURG THALM/SH SH started coverage on SL Green Realty in a research report on Monday. They set a "neutral" rating and a $63.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on SL Green Realty from $69.00 to $71.00 and gave the company a "neutral" rating in a research report on Thursday, October 9th. Weiss Ratings restated a "sell (d+)" rating on shares of SL Green Realty in a research report on Wednesday, October 8th. Finally, Evercore ISI reduced their price objective on SL Green Realty from $76.00 to $72.00 and set an "outperform" rating on the stock in a research note on Thursday, October 9th. Six analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $67.94.

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.

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