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

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

SL Green Realty Stock Performance

Shares of SL Green Realty stock traded up $0.13 during trading on Wednesday, reaching $67.29. The company’s stock had a trading volume of 1,121,349 shares, compared to its average volume of 780,807. SL Green Realty has a 52 week low of $41.88 and a 52 week high of $82.81. The firm has a market cap of $4.44 billion, a PE ratio of -26.92, a P/E/G ratio of 5.41 and a beta of 1.82. The business’s 50-day moving average price is $71.31 and its 200-day moving average price is $69.13. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.2575 per share. This represents a $3.09 dividend on an annualized basis and a dividend 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%.

Analyst Ratings Changes

SLG has been the subject of several recent research reports. Mizuho increased their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. Scotiabank raised their price target on SL Green Realty from $80.00 to $81.00 and gave the company a “sector perform” rating in a research note on Tuesday, December 10th. Evercore ISI raised their target price on shares of SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research note 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 target for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th. Finally, Compass Point lifted their price objective on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, SL Green Realty currently has a consensus rating of “Hold” and an average price target of $68.38.

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.