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

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

SL Green Realty Trading Up 3.1 %

NYSE:SLG traded up $2.32 during trading hours on Friday, reaching $77.47. 275,946 shares of the company were exchanged, compared to its average volume of 985,336. The firm has a market cap of $5.04 billion, a price-to-earnings ratio of -28.14, a PEG ratio of 1.94 and a beta of 1.83. The stock has a 50 day simple moving average of $67.24 and a 200 day simple moving average of $59.43. SL Green Realty has a 52-week low of $28.55 and a 52-week high of $77.82. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59.

SL Green Realty Dividend Announcement

The business also recently announced a monthly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a yield of 3.87%. SL Green Realty’s payout ratio is -112.36%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SLG. BMO Capital Markets raised their price target on SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. Wells Fargo & Company increased their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. Piper Sandler boosted 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. Barclays raised their price objective on shares of SL Green Realty from $58.00 to $66.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Finally, JPMorgan Chase & Co. lifted their price objective on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target 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.