SL Green Realty (NYSE:SLG) Issues Earnings Results, Misses Expectations By $1.42 EPS

SL Green Realty (NYSE:SLG - Get Free Report) announced its earnings results on Wednesday. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42), Zacks reports. The company had revenue of $229.69 million for the quarter, compared to analysts' expectations of $136.66 million. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. During the same period in the prior year, the company earned $1.27 earnings per share.

SL Green Realty Stock Up 3.4 %

Shares of SLG stock traded up $2.44 during trading on Thursday, reaching $75.13. The company had a trading volume of 1,020,230 shares, compared to its average volume of 988,975. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. The firm's 50 day simple moving average is $66.98 and its two-hundred day simple moving average is $59.32. SL Green Realty has a one year low of $28.55 and a one year high of $75.59.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend was Monday, September 30th. SL Green Realty's dividend payout ratio is -112.36%.

Wall Street Analysts Forecast Growth

SLG has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the stock a "sell" rating in a report on Wednesday, July 31st. BMO Capital Markets boosted their target price on shares of SL Green Realty from $58.00 to $72.00 and gave the company an "outperform" rating in a research note on Tuesday, July 30th. Compass Point raised SL Green Realty from a "sell" rating to a "neutral" rating and raised their target price for the stock from $35.00 to $60.00 in a research report on Wednesday, September 18th. Citigroup raised SL Green Realty from a "sell" rating to a "neutral" rating and upped their price target for the company from $44.00 to $66.00 in a research report on Friday, September 13th. Finally, Scotiabank raised their price objective on SL Green Realty from $53.00 to $68.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $60.43.

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.