SL Green Realty (NYSE:SLG) Releases Earnings Results, Beats Expectations By $1.84 EPS

SL Green Realty (NYSE:SLG) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $1.84, Zacks reports. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%.

SL Green Realty Price Performance

NYSE:SLG traded down $0.29 during trading hours on Wednesday, reaching $46.73. 1,471,178 shares of the company traded hands, compared to its average volume of 1,158,218. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.10 and a quick ratio of 3.10. The firm’s 50-day moving average is $52.52 and its 200-day moving average is $49.12. The stock has a market cap of $3.32 billion, a P/E ratio of -17.12, a P/E/G ratio of 3.66 and a beta of 1.66. SL Green Realty has a 1-year low of $34.77 and a 1-year high of $60.09.

SL Green Realty Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.6175 per share. This represents a $2.47 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date was Wednesday, September 30th. SL Green Realty’s dividend payout ratio is -90.48%.

Wall Street Analysts Forecast Growth

SLG has been the subject of several research reports. UBS Group set a $60.00 price objective on SL Green Realty in a report on Monday, July 27th. Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a report on Tuesday, August 25th. Barclays raised their price target on SL Green Realty from $52.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 8th. Truist Financial set a $57.00 price target on SL Green Realty and gave the stock a “hold” rating in a research note on Monday, August 24th. Finally, Wall Street Zen upgraded shares of SL Green Realty from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $55.15.

Insider Buying and Selling at SL Green Realty

In other news, insider Harrison Sitomer sold 23,113 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the sale, the insider directly owned 109,468 shares in the company, valued at $6,317,398.28. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.94% of the stock is currently owned by company insiders.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.