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

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

SL Green Realty Price Performance

Shares of NYSE SLG traded down $1.11 on Friday, hitting $60.19. The company's stock had a trading volume of 1,475,311 shares, compared to its average volume of 887,091. SL Green Realty has a 12-month low of $45.15 and a 12-month high of $82.81. The company has a market capitalization of $4.29 billion, a price-to-earnings ratio of -111.46 and a beta of 1.65. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.85. The stock has a 50 day moving average of $61.06 and a 200-day moving average of $60.27.

SL Green Realty Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.2575 per share. The ex-dividend date was Monday, June 30th. This represents a $1.03 annualized dividend and a yield of 1.71%. SL Green Realty's payout ratio is currently -572.22%.

Insider Activity

In related news, Director Carol N. Brown sold 2,500 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 937 shares of the company's stock, valued at approximately $56,791.57. This represents a 72.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of SLG. United Services Automobile Association purchased a new position in SL Green Realty during the first quarter worth approximately $253,000. Empowered Funds LLC raised its stake in 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 purchasing an additional 722 shares during the period. Finally, AQR Capital Management LLC raised its stake in SL Green Realty by 74.8% during the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust's stock worth $1,519,000 after purchasing an additional 11,506 shares during the period. Hedge funds and other institutional investors own 89.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Scotiabank set a $71.00 price objective on shares of SL Green Realty and gave the company a "sector perform" rating in a report on Monday, July 14th. Truist Financial raised their price target on shares of SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research report on Friday. Wall Street Zen cut shares of SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Finally, Wells Fargo & Company reduced their price target on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a research report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $65.60.

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.