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

SL Green Realty (NYSE:SLG) posted its quarterly earnings data on Wednesday. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42), Zacks reports. The business had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. During the same quarter last year, the business earned $1.27 EPS.

SL Green Realty Stock Up 1.4 %

Shares of NYSE:SLG opened at $72.72 on Thursday. The company has a market capitalization of $4.79 billion, a price-to-earnings ratio of -8.80, a price-to-earnings-growth ratio of 1.86 and a beta of 1.83. The company has a 50 day moving average of $66.98 and a two-hundred day moving average of $59.32. SL Green Realty has a 52-week low of $28.55 and a 52-week high of $73.80. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty Announces Dividend

The business also recently declared a monthly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 4.13%. The ex-dividend date of this dividend was Monday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is presently -36.32%.

Analysts Set New Price Targets

Several analysts have commented on the company. Wells Fargo & Company lifted their price target on SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a report on Wednesday, September 11th. Scotiabank upped their price target on shares of 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. Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and lifted their price target for the company from $44.00 to $66.00 in a report on Friday, September 13th. The Goldman Sachs Group boosted their price objective on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Finally, Piper Sandler increased their target price on SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and an average target price of $60.43.

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.