SL Green Realty (NYSE:SLG) Announces Quarterly Earnings Results

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

SL Green Realty Stock Performance

SL Green Realty stock traded down $0.01 during midday trading on Friday, hitting $52.30. The stock had a trading volume of 1,295,972 shares, compared to its average volume of 855,003. The company has a market capitalization of $3.73 billion, a PE ratio of 653.79, a P/E/G ratio of 5.30 and a beta of 1.61. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. The firm's fifty day moving average is $58.08 and its two-hundred day moving average is $66.80. SL Green Realty has a 52-week low of $45.15 and a 52-week high of $82.81.

SL Green Realty Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be issued a dividend of $0.2575 per share. This represents a $1.03 annualized dividend and a yield of 1.97%. SL Green Realty's dividend payout ratio is presently 3,862.50%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SLG shares. Evercore ISI raised shares of SL Green Realty from an "in-line" rating to an "outperform" rating and decreased their target price for the company from $74.00 to $73.00 in a research note on Monday, March 17th. Truist Financial lifted their price objective on SL Green Realty from $61.00 to $62.00 and gave the company a "hold" rating in a research note on Monday, January 27th. Barclays reduced their price target on 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. Scotiabank dropped their price target on shares of SL Green Realty from $81.00 to $75.00 and set a "sector perform" rating on the stock in a research note on Friday, February 28th. Finally, Mizuho raised their price objective on shares of SL Green Realty from $45.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $69.87.

Insider Activity

In other news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now directly owns 2,052 shares of the company's stock, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company 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.