SL Green Realty (NYSE:SLG) Announces Earnings Results

SL Green Realty (NYSE:SLG - Get Free Report) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $1.40 EPS for the quarter, topping the consensus estimate of $1.27 by $0.13, Zacks reports. The company had revenue of $144.52 million during the quarter, compared to analysts' expectations of $158.44 million. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%.

SL Green Realty Price Performance

SLG traded down $2.18 during midday trading on Monday, reaching $50.21. 1,057,866 shares of the company's stock were exchanged, compared to its average volume of 852,978. The business's 50-day moving average price is $58.08 and its 200 day moving average price is $66.77. The stock has a market capitalization of $3.58 billion, a PE ratio of 627.63, a P/E/G ratio of 5.30 and a beta of 1.61. SL Green Realty has a 1-year low of $45.15 and a 1-year high of $82.81. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58.

SL Green Realty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be given a $0.2575 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $1.03 annualized dividend and a dividend yield of 2.05%. SL Green Realty's dividend payout ratio is presently 3,862.50%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler dropped their price objective on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a report on Monday. Barclays lowered their target price on shares of SL Green Realty from $78.00 to $76.00 and set an "equal weight" rating for the company in a report on Tuesday, January 28th. Wells Fargo & Company decreased their price objective on shares of SL Green Realty from $76.00 to $69.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. Jefferies Financial Group assumed coverage on SL Green Realty in a research report on Monday, March 17th. They issued a "hold" rating and a $58.00 target price for the company. Finally, Scotiabank reduced their price objective on SL Green Realty from $81.00 to $75.00 and set a "sector perform" rating for the company in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, SL Green Realty currently has an average rating of "Hold" and an average price target of $68.67.

Insider Buying and Selling

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the business's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the transaction, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.08% 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.