Brokerages Expect SL Green Realty Corp. (NYSE:SLG) Will Post Quarterly Sales of $160.97 Million

Analysts expect SL Green Realty Corp. (NYSE:SLG) to post $160.97 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for SL Green Realty’s earnings. The lowest sales estimate is $159.24 million and the highest is $162.70 million. SL Green Realty posted sales of $173.54 million in the same quarter last year, which suggests a negative year-over-year growth rate of 7.2%. The firm is expected to report its next quarterly earnings results on Wednesday, October 20th.

On average, analysts expect that SL Green Realty will report full-year sales of $652.09 million for the current financial year, with estimates ranging from $651.69 million to $652.50 million. For the next financial year, analysts anticipate that the firm will report sales of $683.25 million, with estimates ranging from $663.20 million to $703.31 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for SL Green Realty.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Tuesday, July 20th. The real estate investment trust reported $1.51 EPS for the quarter, missing the Zacks’ consensus estimate of $1.62 by ($0.11). The firm had revenue of $184.61 million for the quarter, compared to analysts’ expectations of $182.52 million. SL Green Realty had a return on equity of 5.84% and a net margin of 32.04%. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS.

Several equities research analysts have issued reports on SLG shares. Morgan Stanley raised their price target on shares of SL Green Realty from $68.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Monday, July 19th. Wolfe Research initiated coverage on shares of SL Green Realty in a research report on Monday, June 14th. They issued a “peer perform” rating and a $90.00 target price on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of SL Green Realty from $66.00 to $77.00 and gave the stock a “hold” rating in a research report on Friday, June 25th. Piper Sandler raised their target price on shares of SL Green Realty from $75.00 to $88.00 and gave the stock a “neutral” rating in a research report on Monday, June 14th. Finally, Barclays assumed coverage on shares of SL Green Realty in a research report on Wednesday, September 1st. They issued an “overweight” rating and a $81.00 target price on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $71.90.

NYSE SLG traded up $0.13 during trading hours on Tuesday, reaching $68.19. The company’s stock had a trading volume of 664,875 shares, compared to its average volume of 1,088,365. The stock has a market cap of $4.73 billion, a PE ratio of 17.02, a PEG ratio of 3.44 and a beta of 1.63. SL Green Realty has a fifty-two week low of $40.47 and a fifty-two week high of $85.65. The company’s 50-day moving average is $73.06 and its two-hundred day moving average is $74.59. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.79 and a current ratio of 2.79.

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 15th. Stockholders of record on Tuesday, August 31st will be issued a dividend of $0.303 per share. The ex-dividend date of this dividend is Monday, August 30th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 5.33%. SL Green Realty’s dividend payout ratio (DPR) is presently 51.20%.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of SL Green Realty by 26.3% in the first quarter. BlackRock Inc. now owns 8,143,758 shares of the real estate investment trust’s stock valued at $569,981,000 after purchasing an additional 1,697,540 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of SL Green Realty by 203.2% in the second quarter. JPMorgan Chase & Co. now owns 1,516,917 shares of the real estate investment trust’s stock valued at $121,354,000 after purchasing an additional 1,016,650 shares in the last quarter. DAVENPORT & Co LLC raised its stake in shares of SL Green Realty by 414.6% in the second quarter. DAVENPORT & Co LLC now owns 683,605 shares of the real estate investment trust’s stock valued at $54,688,000 after purchasing an additional 550,756 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of SL Green Realty in the second quarter valued at $42,939,000. Finally, American Century Companies Inc. acquired a new position in shares of SL Green Realty in the second quarter valued at $40,405,000. Institutional investors own 87.11% of the company’s stock.

SL Green Realty Company Profile

SL Green Realty Corp. operates as a real estate investment trust. The firm engages in the acquisition, development, ownership, management and operation of commercial and residential real estate properties. It operates through the Real Estate, and Debt & Preferred Equity Investments business segments.

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Earnings History and Estimates for SL Green Realty (NYSE:SLG)

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