SL Green Realty (NYSE:SLG) Posts Earnings Results, Beats Expectations By $0.03 EPS

SL Green Realty (NYSE:SLG) announced its quarterly earnings results on Wednesday. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03, Zacks reports. The business had revenue of $159.82 million for the quarter, compared to the consensus estimate of $162.73 million. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The business’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted $1.81 EPS.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $43.59 on Thursday. The stock’s fifty day simple moving average is $46.01 and its 200 day simple moving average is $52.77. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $3.11 billion, a PE ratio of 4,363.36 and a beta of 1.60. SL Green Realty has a 12 month low of $40.26 and a 12 month high of $68.14.

SL Green Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were given a $0.2575 dividend. The ex-dividend date was Friday, November 28th. This represents a c) dividend on an annualized basis and a dividend yield of 7.1%. SL Green Realty’s dividend payout ratio is currently 30,900.00%.

Analysts Set New Price Targets

Several research firms have issued reports on SLG. Piper Sandler decreased their price target on shares of SL Green Realty from $62.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, January 5th. JPMorgan Chase & Co. decreased their target price on SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, January 14th. Mizuho reduced their target price on SL Green Realty from $67.00 to $47.00 and set a “neutral” rating for the company in a report on Friday, December 12th. Deutsche Bank Aktiengesellschaft set a $45.00 price target on SL Green Realty in a research report on Tuesday, January 6th. Finally, Evercore ISI set a $54.00 price objective on SL Green Realty and gave the stock an “outperform” rating in a report on Monday, December 8th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $55.94.

Insider Activity

In other news, CEO Marc Holliday sold 22,223 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total transaction of $986,701.20. Following the sale, the chief executive officer owned 9,698 shares of the company’s stock, valued at $430,591.20. This trade represents a 69.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew S. Levine sold 1,493 shares of SL Green Realty stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.27, for a total value of $67,588.11. Following the transaction, the insider owned 7,045 shares in the company, valued at $318,927.15. This trade represents a 17.49% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC grew its holdings in shares of SL Green Realty by 74.8% in the 1st quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock valued at $1,519,000 after acquiring an additional 11,506 shares in the last quarter. United Services Automobile Association bought a new position in SL Green Realty in the first quarter valued at approximately $253,000. Empowered Funds LLC increased its position in shares of SL Green Realty by 10.9% during the 1st 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 last quarter. Creative Planning bought a new stake in shares of SL Green Realty during the 2nd quarter worth approximately $421,000. Finally, California Public Employees Retirement System raised its stake in shares of SL Green Realty by 4.6% during the 2nd quarter. California Public Employees Retirement System now owns 131,528 shares of the real estate investment trust’s stock worth $8,142,000 after purchasing an additional 5,789 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.