SL Green Realty Corp. to Post Q4 2023 Earnings of $1.30 Per Share, Zacks Research Forecasts (NYSE:SLG)

SL Green Realty Corp. (NYSE:SLG) – Analysts at Zacks Research decreased their Q4 2023 earnings per share estimates for shares of SL Green Realty in a research report issued on Friday, September 1st. Zacks Research analyst N. Dass now forecasts that the real estate investment trust will earn $1.30 per share for the quarter, down from their prior forecast of $1.31. The consensus estimate for SL Green Realty’s current full-year earnings is $5.56 per share. Zacks Research also issued estimates for SL Green Realty’s Q1 2024 earnings at $1.30 EPS, Q2 2024 earnings at $1.34 EPS, Q4 2024 earnings at $1.33 EPS, Q1 2025 earnings at $1.30 EPS, Q2 2025 earnings at $1.32 EPS and FY2025 earnings at $5.37 EPS.

Several other equities analysts have also recently weighed in on SLG. Piper Sandler upgraded SL Green Realty from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $27.00 to $41.00 in a report on Friday, July 21st. BMO Capital Markets cut shares of SL Green Realty from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $32.00 to $35.00 in a research note on Thursday, August 17th. Morgan Stanley reissued an “equal weight” rating and issued a $21.00 price objective on shares of SL Green Realty in a research note on Wednesday, July 19th. BTIG Research cut their price target on shares of SL Green Realty from $84.00 to $70.00 and set a “buy” rating on the stock in a research report on Tuesday, June 27th. Finally, Truist Financial dropped their price objective on shares of SL Green Realty from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Tuesday, July 25th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $34.47.

SL Green Realty Stock Performance

SLG opened at $39.11 on Monday. The business’s 50-day moving average price is $34.05 and its two-hundred day moving average price is $28.66. SL Green Realty has a 1 year low of $19.06 and a 1 year high of $49.83. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of -5.46, a P/E/G ratio of 0.66 and a beta of 1.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.84 and a quick ratio of 2.84.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Thursday, July 20th. The real estate investment trust reported ($5.63) EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($6.96). The firm had revenue of $221.07 million during the quarter, compared to the consensus estimate of $178.80 million. SL Green Realty had a negative net margin of 50.10% and a negative return on equity of 9.66%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.87 earnings per share.

Institutional Trading of SL Green Realty

Several institutional investors and hedge funds have recently bought and sold shares of SLG. Osaic Holdings Inc. raised its position in SL Green Realty by 44.7% in the 2nd quarter. Osaic Holdings Inc. now owns 37,078 shares of the real estate investment trust’s stock worth $1,119,000 after purchasing an additional 11,459 shares during the period. Teachers Retirement System of The State of Kentucky boosted its stake in shares of SL Green Realty by 19.3% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 22,398 shares of the real estate investment trust’s stock valued at $673,000 after purchasing an additional 3,630 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of SL Green Realty by 101.1% during the 2nd quarter. Alliancebernstein L.P. now owns 105,243 shares of the real estate investment trust’s stock valued at $3,163,000 after purchasing an additional 52,912 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of SL Green Realty by 69.9% during the 2nd quarter. Wells Fargo & Company MN now owns 103,289 shares of the real estate investment trust’s stock valued at $3,104,000 after purchasing an additional 42,484 shares in the last quarter. Finally, Natixis Advisors L.P. bought a new stake in shares of SL Green Realty during the 2nd quarter valued at about $361,000. 82.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other SL Green Realty news, Director Edwin T. Burton III sold 6,800 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $34.30, for a total value of $233,240.00. Following the sale, the director now directly owns 89 shares in the company, valued at approximately $3,052.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.60% of the stock is owned by insiders.

SL Green Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.271 per share. This is an increase from SL Green Realty’s previous monthly dividend of $0.27. This represents a $3.25 dividend on an annualized basis and a dividend yield of 8.32%. The ex-dividend date is Wednesday, August 30th. SL Green Realty’s dividend payout ratio is currently -45.39%.

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.