SL Green Realty (NYSE:SLG) Posts Quarterly Earnings Results, Beats Expectations By $1.90 EPS

SL Green Realty (NYSE:SLG) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $1.45 earnings per share for the quarter, beating the consensus estimate of ($0.45) by $1.90, Zacks reports. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%.

SL Green Realty Stock Up 0.2 %

Shares of SLG traded up $0.13 during trading hours on Wednesday, hitting $67.29. The company had a trading volume of 1,106,228 shares, compared to its average volume of 780,807. The firm has a fifty day moving average price of $71.31 and a 200-day moving average price of $69.13. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market capitalization of $4.44 billion, a price-to-earnings ratio of -26.92, a P/E/G ratio of 5.41 and a beta of 1.82. SL Green Realty has a 52-week low of $41.88 and a 52-week high of $82.81.

SL Green Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st will be given a dividend of $0.2575 per share. This represents a $3.09 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend is Friday, January 31st. SL Green Realty’s dividend payout ratio is currently -123.60%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SLG shares. Mizuho increased their price target on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Morgan Stanley upped their price objective on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Evercore ISI upped their price objective on shares of SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a report on Monday, October 21st. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $51.00 to $80.00 in a report on Tuesday, December 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $90.00 price objective (up from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $68.38.

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.