Wall Street brokerages forecast that SL Green Realty Corp. (NYSE:SLG) will announce $1.61 earnings per share (EPS) for the current quarter, according to Zacks. Two analysts have made estimates for SL Green Realty’s earnings, with estimates ranging from $1.56 to $1.67. SL Green Realty posted earnings of $1.75 per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 8%. The firm is scheduled to announce its next earnings report on Wednesday, July 28th.
On average, analysts expect that SL Green Realty will report full year earnings of $6.55 per share for the current financial year, with EPS estimates ranging from $6.50 to $6.72. For the next financial year, analysts expect that the business will report earnings of $7.04 per share, with EPS estimates ranging from $6.76 to $7.37. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research analysts that follow SL Green Realty.
SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Tuesday, April 20th. The real estate investment trust reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.05. The business had revenue of $226.10 million during the quarter, compared to analysts’ expectations of $188.22 million. SL Green Realty had a return on equity of 4.79% and a net margin of 25.79%. The company’s revenue was down 28.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.51 EPS.
A number of brokerages have issued reports on SLG. Deutsche Bank Aktiengesellschaft increased their price target on SL Green Realty from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Monday, April 19th. Wolfe Research began coverage on shares of SL Green Realty in a research note on Monday. They issued a “peer perform” rating and a $90.00 target price for the company. Bank of America reissued an “underperform” rating and issued a $70.00 price target (down previously from $74.00) on shares of SL Green Realty in a report on Tuesday, April 20th. Morgan Stanley boosted their price target on shares of SL Green Realty from $58.25 to $68.00 and gave the stock an “equal weight” rating in a research report on Friday, April 16th. Finally, Piper Sandler upped their price target on shares of SL Green Realty from $75.00 to $88.00 and gave the company a “neutral” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $72.91.
SLG stock traded down $1.31 during trading on Friday, reaching $77.99. 3,619 shares of the stock traded hands, compared to its average volume of 1,219,751. SL Green Realty has a 52-week low of $40.47 and a 52-week high of $85.65. The firm’s 50 day simple moving average is $75.55. The company has a quick ratio of 3.35, a current ratio of 3.35 and a debt-to-equity ratio of 1.08. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 3.83 and a beta of 1.65.
The company also recently disclosed a monthly dividend, which was paid on Tuesday, June 15th. Investors of record on Friday, May 28th were issued a $0.3033 dividend. The ex-dividend date was Thursday, May 27th. This represents a $3.64 annualized dividend and a dividend yield of 4.67%. SL Green Realty’s payout ratio is currently 51.20%.
Several hedge funds have recently added to or reduced their stakes in the stock. NEXT Financial Group Inc purchased a new stake in shares of SL Green Realty during the fourth quarter worth about $25,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of SL Green Realty during the 1st quarter worth approximately $29,000. Sterling Financial Planning Inc. acquired a new position in SL Green Realty in the 4th quarter valued at $30,000. Eaton Vance Management acquired a new position in SL Green Realty in the 1st quarter valued at $36,000. Finally, Lazard Asset Management LLC purchased a new stake in SL Green Realty in the 1st quarter valued at $37,000. Hedge funds and other institutional investors own 85.50% of the company’s stock.
About SL Green Realty
SL Green Realty Corp., an S&P 500 company and 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 December 31, 2020, SL Green held interests in 88 buildings totaling 38.2 million square feet.
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